Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 55

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:
a.Discovered the following assets(at fair value): b.Collected interest of $7,000.
c.Paid funeral expenses of $20,000.
d.Discovered debts of $40,000.
e.Located an additional savings account of $ 12,000.
f.Conveyed title to the residence to Kevin Simmons,
g.Collected life insurance policy.
h.Discovered additional debts of $60,000.Paid debts totaling $100,000.
i Conveyed cash of SI5O,ooo to appropriate beneficiary.
j.Sold the shares of Polaroid for $112,000.
k.Paid administrative expenses of $10,000.