FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Jerry Tasch’s will has the following provisions:

  • $150,000 in cash goes to Thomas Thorne.
  • All shares of Coca-Cola go to Cindy Phillips.
  • Residence goes to Kevin Simmons.
  • All other estate assets are to be liquidated with the resulting cash going to the First Church of Freedom, Missouri.

Prepare journal entries for the following transactions:

  1. Discovered the following assets (at fair value):
  2. Collected interest of $7,000.
  3. Paid funeral expenses of $20,000.
  4. Discovered debts of $40,000.
  5. Located an additional savings account of $12,000.
  6. Conveyed title to the residence to Kevin Simmons.
  7. Collected life insurance policy.
  8. Discovered additional debts of $60,000. Paid debts totaling $100,000.
  9. Conveyed cash of $150,000 to appropriate beneficiary.
  10. Sold the shares of Polaroid for $112,000.
  11. Paid administrative expenses of $10,000.
$ 80,000
Cash.....
Interest receivable....
Life insurance policy
300,000
200,000
50,000
110,000
Residence...
Shares of Coca-Cola Company
Shares of Polaroid Corporation ....
Shares of Ford Motor Company.
140,000
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Transcribed Image Text:$ 80,000 Cash..... Interest receivable.... Life insurance policy 300,000 200,000 50,000 110,000 Residence... Shares of Coca-Cola Company Shares of Polaroid Corporation .... Shares of Ford Motor Company. 140,000
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