You Are Serving as the Executor for the Estate of Scott

question 3

Essay

You are serving as the executor for the estate of Scott Michaels,who passed away on June 28,2011.The following transactions occur during the balance of June and July,2011.
1.On July 11,you issued a check to pay Scott's final medical expenses of $28,000.
2.In Scott's will,he wanted $90,000 given to the American Society for the Prevention of Cruelty to Animals (ASPCA).After examining the assets,you determined that the estate's assets will adequately cover all expenses and specific devises,so on July 13,you issued a check to the ASPCA for $90,000.
3.On July 15,you received a check in the amount of $27,900 from First State Bank of Greenville.It is the maturity value and interest from a certificate of deposit in the amount of $25,000 that was not included in the estate's initial inventory.The CD matured on June 30,2011.
4.On July 26,you received interest of $2,000 on Greenville City bonds.Interest of $180 was earned after the date of death.The balance was earned prior to death,and had been accrued.The bonds were included in the initial inventory.
5.On July 28,you issued a check to pay Scott's funeral expenses of $7,600.
Required:
Prepare the necessary journal entries for the above transactions.You may ignore any estate or income taxes.

---

Definitions:

Economic Independence

The condition of having sufficient personal wealth to live, without needing to work for basic necessities, allowing for financial self-sufficiency.

American System

An economic plan that played a prominent role in American policy during the first half of the 19th century, advocating for a strong role for federal government in the economy, including a national bank, high tariffs, and internal improvements.

Mass Followings

The phenomenon where a large number of individuals support a particular leader, movement, or social trend, often seen in contexts ranging from celebrity fandom to political campaigns.

Popular Nicknames

Widely recognized or affectionate alternate names given to persons, places, or things, often reflecting a characteristic, historical event, or notable feature.