Al Sooner died on January 15, 20X5. Records disclose the following estate: ...

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Accounting

Al Sooner died on January 15, 20X5. Records disclose the following estate:

Cash in the bank

$ 7,500

5% note receivable, including $50 accrued interest

3,050

Stocks

70,000

Dividends declared on stocks

250

8% mortgage receivable, including $150 accrued interest

30,150

Real estate - apartment house

400,000

Household effects

27,250

Dividends receivable from the Peg Sooner Trust Fund

250,000

Total inventory of assets

$788,200

Cash receipts:

Jan.

20

Dividends

$ 1,500

25

5% note receivable

3,000

Interest on 5% note receivable

53

Stocks sold, inventoried at $22,500

20,000

8% mortgage sold

33,000

Interest accrued on mortgage

207

28

Sale of assets not inventoried

250

29

Sale of apartment house

395,000

Total cash receipts

$453,010

Cash Disbursements:

Jan.

20

Funeral expenses

$ 2,750

23

Decedent's debts

8,000

25

Decedent's bequests

10,000

31

Payment to son, including all estate income

20,000

Total cash disbursements

$40,750

Required:

Prepare journal entries to record the events in his estate for the period January 15 through January 31, 20X5.

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