Melody's Piano School operations for the month of May were limited to the following transactions:

•	Provided $1,350 in piano lessons to students who paid in cash.
•	He provided $1,060 of piano lessons on account.
•	Raised $795 from students who took piano lessons during April.
•	He paid the piano rental bill for April of $600.
•	She received the piano rental bill for May for $650 and put it aside to pay in June.

Required

What is Melody's net income for May using the cash basis of accounting?

What is Melody's net income for May using the accrual basis of accounting?

Answer rating: 100% (QA)

To calculate Melodys net income for May using the cash basis of accounting we only consider cash tra... View the full answer