Purchases account is going to increase on the credit side and the cash account is going to decrease ( to be written on the credit side).
Answer= $1025 monthly (continuing costs)
Security Deposit $1,000
Application Fee $25
First Month’s Rent $850 $850
Electricity $80 per month; 80
$40 to connect and $100 deposit
Telephone approximately $60 per month; 60
$40 to connect Water $35 per month; 35
a deposit of $50. ____
$1025
I do believe that gifts to a spouse are exempt from any gift tax. So $0 is taxable.
