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:Discovered the following assets (at fair value):Collected interest of $7,000.Paid funeral expenses of $20,000.Discovered debts of $40,000.Located an additional savings account of $12,000.Conveyed title to the residence to Kevin Simmons.Collected life insurance policy.Discovered additional debts of $60,000. Paid debts totaling $100,000.Conveyed cash of $150,000 to appropriate beneficiary.Sold the shares of Polaroid for $112,000.Paid administrative expenses of $10,000. $ 80,000Cash.....Interest receivable....Life insurance policy300,000200,00050,000110,000Residence...Shares of Coca-Cola CompanyShares of Polaroid Corporation ....Shares of Ford Motor Company.140,000

Journal entries in the books of Jerry Tasch's Date Accounts title and explanation Debit $…

Answered: $ 80,000 Cash..... Interest…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

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:

Discovered the following assets (at fair value):
Collected interest of $7,000.
Paid funeral expenses of $20,000.
Discovered debts of $40,000.
Located an additional savings account of $12,000.
Conveyed title to the residence to Kevin Simmons.
Collected life insurance policy.
Discovered additional debts of $60,000. Paid debts totaling $100,000.
Conveyed cash of $150,000 to appropriate beneficiary.
Sold the shares of Polaroid for $112,000.
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

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions