Question
Please provide journal entries with correctly named accounts. The executor of Someone's estate has listed the following properties at fair value: Cash $200,000, Life Insurance
Please provide journal entries with correctly named accounts.
The executor of Someone's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Someone's funeral was $20,000.
Prepare the journal entry to record the property of the estate.
Prepare the journal entry for claims of $100,000 made against the estate for various debts incurred before the decedent's death, and $20,000 for funeral expense bills.
Prepare the journal entry to record interest of $5,000 that was earned on the bonds of the estate. Of this amount, $2,000 had been earned prior to death.
Prepare the journal entry to record ordinary repairs to the rental property of $5,000.
Prepare the journal entry to record the payment of the estate's liabilities for debts incurred prior to the decedent's death.
Prepare the journal entry to record the sales of the stocks and bonds for $120,000
Prepare the journal entry to record the collection of rental income of $10,000. $1,000 had been earned prior to the decedent's death.
Prepare the journal entry to record the distribution of $4,000 to Anna Lee, an income beneficiary.
Prepare the journal entry to record the collection of the life insurance policy.
Prepare the journal entry to record payment of $20,000 in funeral expenses.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started