Question - Melody's Piano School operations for the month of May were limited to the following transactions:
Provided $1,300 of piano lessons to students who paid in cash.
Provided $1,020 of piano lessons on account.
Collected $765 from students who took piano lessons during April.
Paid April's piano rental bill of $575.
Received May's piano rental bill of $625 and set it aside for payment in June.
What is Melody's Net Income for May using the accrual basis of accounting?