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Melodys Piano School operations for the month of May were limited to the following transactions: Provided $500 of piano lessons to students who paid in
Melodys Piano School operations for the month of May were limited to the following transactions:
Provided $500 of piano lessons to students who paid in cash. | |
Provided $380 of piano lessons on account. | |
Collected $285 from students who took piano lessons during April. | |
Paid Aprils piano rental bill of $175. | |
Received Mays piano rental bill of $225 and set it aside for payment in June. |
What is Melody's Net Income for May using the accrual basis of accounting? |
$840 $655 $610 $285
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