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melodys piano school operations for the month of may were limited to the following transactions:...

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Accounting

Melodys Piano School operations for the month of May were limited to the following transactions: Provided $600 of piano lessons to students who paid in cash. Provided $460 of piano lessons on account. Collected $345 from students who took piano lessons during April. Paid Aprils piano rental bill of $225. Received Mays piano rental bill of $275 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for May

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