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 the company uses accrual basis accounting, what is net income for May?

Multiple Choice

$$800$

$$600$

$$700$

$$1,200$