Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Al Sooner died on January 15, 20X5. Records disclose the following estate Cash in the bank 5% note receivable, including $50 accrued interest Stocks

image text in transcribed

2. Al Sooner died on January 15, 20X5. Records disclose the following estate Cash in the bank 5% note receivable, including $50 accrued interest Stocks Dividends declared on stocks 8% mortgage receivable, including $150 accrued interest Real estate - apartment house Household effects Dividends receivable from the Peg Sooner Trust Fund Total inventory of assets $ 7,500 3,050 70,000 250 30,150 400,000 27.250 250.000 $788.200 $ 1,500 Cash receipts Jan 25 20 3,000 Dividends 5% note receivable Interest on 5% note receivable Stocks sold, inventoried at $22,500 8% mortgage sold Interest accrued on mortgage Sale of assets not inventoried Sale of apartment house Total cash receipts 53 20,000 33,000 207 250 395,000 $453.010 28 29 Jan 23 Cash Disbursements: 20 Funeral expenses Decedent's debts Decedent's bequests 31 Payment to son, including all estate income Total cash disbursements $ 2,750 8,000 10,000 20.000 $40.750 Required: Prepare journal entries to record the events in his estate for the period January 15 through January 31, 20X5. Jan 15 Cash principal 7500 5% NR 3000 Accrued int. 50 Stock 70,000 Dir Rec. 80% mort. Rec Accredint 150 400,000 Real estate 2 ago 250 30,000 Household Divi Rec. a 50,000 Estate principal 788.200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions