Melody's Piano School operations for the month of May were limited to the following transactions:Provided $800 of piano lessons to students who paid in cash. Provided $200 of piano lessons on account. Collected $600 from students who took piano lessons during April. Paid April's piano rental bill of $200. Received May's piano rental bill of $300 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for May?
A. $800.
B. $1,200.
C. $600.
D. $700.
Answer: D
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