The trial balance below was taken from the records of r

Assignment Help Accounting Basics

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

Reference no: EM13574802

Questions Cloud

Miltmar corporation will pay a year-end dividend of 4 : miltmar corporation will pay a year-end dividend of 4 and dividends thereafter are expected to grow at the constant

The balance sheet for chaney resources inc at the end of : the balance sheet for chaney resources inc. at the end of the current fiscal year indicated the followingbonds payable

Roxie company has 17500 units of its sole product that it : roxie company has 17500 units of its sole product that it produced last year at a cost of 45 each. this years model is

The comparative financial statements of triad images inc : the comparative financial statements of triad images inc. are as follows. the market price of triad images inc. common

The trial balance below was taken from the records of r : the trial balance below was taken from the records of r. martin executor for the estate of j. mitchell on october 31

Joint products a and b are produced in a single operation : joint products a and b are produced in a single operation from material m. three hundred gallons of material m costing

The owner of the house of greens greenhouse wants to : the owner of the house of greens greenhouse wants to estimate the mean height that her seedlings grow. a sample of 14

At the beginning of the year a firm leased equipment on a : at the beginning of the year a firm leased equipment on a capital lease capitalizing 60000 in its lease receivable

Assume the partners do wish to record goodwill and no : lion and tiger had operated as a partnership for a number of years. at june 30 20xx their balance sheet appeared as

User Account

All Pages