Georgia owns a home in Colorado that she rents for $1,200 per month that she does not use personally. While she was in Europe for Christmas, the roof in her house leaked and her tenants repaired it for $900. For the following month's rent (January), her tenants paid her $300 for rent ($1,200 – $900). What amount should Georgia include for rental income and repair expense, respectively, for January
1,200;300
To determine the amount Georgia should include for rental income and repair expense for January, we need to consider the given information.
1. Rental Income: Georgia's tenants paid her $300 for rent in January. This is the amount she should include for rental income.
2. Repair Expense: The tenants repaired the roof for $900. Since the repair was done in December, it is considered an expense for that month, not January. Therefore, Georgia should not include any repair expense for January.
Therefore, for January, Georgia should include $300 for rental income and $0 for repair expense.