TB MC Qu. 3-88 (Static) The following are the operational... The following are the operational transactions related to Melody's Piano School for the month of May: Provided $800 of piano lessons to students who paid in cash. Provided $200 of piano lessons on account. Collected $600 from students who took piano lessons during April. Paid April's piano rental bill of $200. Received May's piano rental bill of $300 and set it aside for payment in June. Assuming that the company uses cash basis accounting, what is net income for May? Multiple Choice $1,600 O O O O $600 $750 $1,200