Reference no: EM13574802

The trial balance below was taken from the records of R. Martin, executor for the estate of J. Mitchell, on October 31, 20X1. Martin had acted as executor since the date of Mitchell's death, June 12, 20X1.

REQUIRED:

1) Prepare the proper statements for the estate of J. Mitchell.

2) Prepare journal entries as of November 1, 20X1, to close the executor's accounts and to transfer the remaining assets to Helen Mitchel, widow, on that date.

R. Martin

TRIAL BALANCE

October 31, 20X1

Cash: Principal	$4,400
Cash: Income	$680
Debts of decedent paid	$1,120
Loss on realization	$460
Funeral and administrative expenses	$850
Automobile	$1,750
Bonds	$20,000
Legacy paid: March Mitchell	$2,500
Gain on Realization		$960
Assets subsequently discovered		$1,450
Expense-Income	$290
Distribution to income beneficiary: Helen Mitchell	$1,070
Estate corpus		$28,670
Income		$2,040
	$33,120	$33,120