Melody's Piano School operations for the month of May were limited to the following transactions: Provided $1,000 of piano lessons to students who paid in cash. Provided $780 of piano lessons on account. Collected $585 from students who took plano lessons during April. Paid April's piano rental bill of $425. Received May's piano rental bill of $475 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for May? Multiple Choice $585 $1,305 $1,790 $1,160