E 23-3 Journal entries for a trust You have been appointed as a trustee for Kitty Trust and are requested to open a trust account on January 1, 2014, by depositing $500,000 from Segara Estate into a non-interest-bearing checking account. On January 3, 2014, you deposit half of the checking account into a 2-year certificate deposit with 5 percent annual interest. On January 15, 2014, you take $50,000 and invest it into a stock mutual fund. On January 25, you write a check for $500 for Kitty’s shelter in February; the January shelter has been paid by the estate. On February 1, 2014, you take Kitty to a vet and write a check of $200 for it. You record the certificate deposit interest on February 2, 2014, into the trust account. On February 15, 2014, Kitty is admitted into the hospital and on February 20, 2014, Kitty dies. The hospital sends you a bill for $500, to be paid immediately. You also pay the funeral and burial cost of $600 on February 25, 2014. Since Kitty died, you are entitled to the agreed trust administration fee of $250 on February 28, 2014. You distribute all remaining trust funds by transferring the title to a stock mutual fund and the remaining cash to Mr. Segara.

REQuIRED: Prepare the journal entries necessary for the above transactions (ignore any tax).