The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Danny Mack's funeral was $20,000.Prepare the journal entry to record ordinary repairs to the rental property of $5,000.

What will be an ideal response?



   
Expenses-Income$5,000    
Cash-Income   $5,000 

?
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(Ordinary repair expenses are made to rental property and are generally charged to income rather than principal.)

Business

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