The following are the operational transactions related to Melody's Piano School for the month of May: . . . Provided $600 of piano lessons to students who paid in cash. Provided $460 of piano lessons on account. Collected $345 from students who took piano lessons during April. Paid April's plano rental bill of $225. Received May's piano rental bill of $275 and set it aside for payment in June. . Assuming the company uses accrual basis accounting, what is net income for May? Multiple Choice $345 $1,030 $785 0 $720