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 |
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| Total cash receipts | $453,010 |
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|
|
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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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