The following are the operational transactions related to Melody's Piano School for the month of May: Provided $1,200 of piano lessons to students who paid in cash. Provided $940 of piano lessons on account. Collected $705 from students who took piano lessons during April. Paid Aprils piano rental bill of $525. Received Mays piano rental bill of $575 and set it aside for payment in June. Assuming the company uses accrual basis accounting,