List the Following Steps in Order

question 72

Short Answer

List the following steps in order:
(a)Assets are sold
(b)Estate taxes are paid
(c)A copy of the will is provided
(d)Executor files forms in a local probate court
(e)A list of assets and liabilities is prepared

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Definitions:

Reversing Entry

An accounting entry made at the beginning of a period to reverse the effects of certain adjustments made in the previous period.

Salary Expense

The cost incurred by a business to pay its employees.

Financial Statement

An organized log of economic actions and the financial situation of a firm, an individual, or any other unit.

Permanent/Temporary

Pertaining to accounts in accounting where permanent accounts are balance sheet accounts that carry over balances into the next financial period, and temporary accounts are reset or closed to equity through retained earnings at the end of a period.