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