Melody's Piano School operations for the month of May were limited to the following transactions: Provided $650 of piano lessons to students who paid in cash. Provided $500 of piano lessons on account. Collected $375 from students who took piano lessons during April. Paid April's piano rental bill of $250. Received May's piano rental bill of $300 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for May? Multiple Choice O $850 $1,125 O $375 O $775