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

	Provided $650 of piano lessons to students who paid in cash.
	Provided $500 of piano lessons on account.
	Collected $375 from students who took piano lessons during April.
	Paid Aprils piano rental bill of $250.
	Received Mays piano rental bill of $300 and set it aside for payment in June. What is Melody's Net Income for May using the accrual basis of accounting? $850 $375 $1,125 $775