The following information applies to the questions displayed below.]

Melodys Piano School operations for the month of May were limited to the following transactions:

	Provided $1,050 of piano lessons to students who paid in cash.
	Provided $820 of piano lessons on account.
	Collected $615 from students who took piano lessons during April.
	Paid Aprils piano rental bill of $450.
	Received Mays piano rental bill of $500 and set it aside for payment in June.

What is Melody's Net Income for May using the cash basis of accounting?

$1,885

$1,215

$615

$1,370

What is Melody's Net Income for May using the accrual basis of accounting?

$615

$1,370

$1,885

$1,215