Al Sooner died on January 15, 20X5. Records disclose the following estate: Cash in the...
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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
Cash receipts: Jan. 20 Dividends $ 1,500 Jan. 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 Jan. 28 Sale of household effect 30,000 Jan. 29 Sale of apartment house 395,000 Cash Disbursements: Jan. 20 Funeral expenses $ 2,750 Jan 23 Decedent's debts 8,000 Jan 31 Bequest to son (legacy distribution), including all estate income Required: a. Prepare journal entries to record the events in his estate for the period January 15 through January 31, 20X5.
b. Prepare a charge and discharge statement.
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