Property operating expenses
Repairs & Maintenance expense
Accounts payable and accrued expenses
all leases are less than one year
The debt bears interest at an annual rate of 24%, and pays interest only on a yearly basis.
next payment is due March 31, 2005.
Also, monthly depreciation is $17,500
During the period from 1/1/2005 through 1/31/2005, the following activity took place:
Received utility bills and other operating expense invoices , totalling:
Paid outstanding bills and invoices totalling:
A new tenant came in who paid a security deposit of:
Please record the journal entry applicable to each item of activity noted above.