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Ordinary Repairs
Regular maintenance or repairs to keep property and equipment functioning efficiently without extending its life or increasing its value substantially.
Rental Property
Real estate property that is leased or rented out to tenants, generating income for the owner.
Journal Entry
This term refers to the method used in bookkeeping to log transactions where each entry must have a corresponding and opposite entry within the financial records.
Income Beneficiary
An individual or entity entitled to receive income from a trust, estate, or other income-generating assets.
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