How to account for rental income with Property manager expenses?

[Joe T.]

Book keeping question - how would I record full rental income if I don't actually receive money from the property manager?

For example - For January I receive $1000 of rental income and incur $1100 for misc expenses (due to delinquent tenants, etc.)
I actually did not receive a $1000 check from the property manager, nor did I send out a check for $100. The balance was passed forward to the following month. Even though no real funds changed hands, for recording purposes I need to account for $1000 in income and $1100 in expenses. 

How should I record those? If I enter each within a journal entry, what should the source and target accounts be?

Thanks!