Melody’s Piano School operations for the month of May were limited to the following transactions: • Provided $750 of piano lessons to students who paid in cash. • Provided $580 of piano lessons on account. • Collected $435 from students who took piano lessons during April. • Paid April’s piano rental bill of $300. • Received May’s piano rental bill of $350 and set it aside for payment in June..
What is Melody's Net Income for May using the accrual basis of accounting?