Melody's Piano School operations for the month of May were limited to the following transactions: . Provided $800 of piano lessons to students who paid in cash. Provided $620 of piano lessons on account. Collected $465 from students who took piano lessons during April Paid April's piano rental bill of $325. Received May's piano rental bill of $375 and set it aside for payment in June. . Assuming the company uses accrual basis accounting, what is net income for May? Multiple Choice $1,410 $465 $1,045 $940