Avery Died Testate Early in 2011

question 15

Essay

Avery died testate early in 2011.The following transactions occurred relating to Avery's estate.
1.Avery's estate included bonds with a fair (market)value of $120,000.On the date of Avery's death,there was $2,000 of accrued but unpaid interest.Two months after Avery's death,a check arrived in the amount of $3,000,representing the normal semiannual interest payment.
2.Avery's will stated a specific transfer to the Bird Sanctuary in the amount of $10,000.Avery's estate should be adequate to cover all obligations and devises,and the amount is paid.
3.Funeral expenses amounted to $12,500.
4.A bank statement is received from the First National Bank indicating a cash balance of $8,600.This bank account was not known or included on the estate inventory.
5.Probate fees are paid to the court amounting to $900.
Required:
Prepare the journal entries for the listed transactions.Disregard the impact of estate and income taxes.

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Definitions:

Trained Guides

Individuals who have received specialized instruction and certification to lead others, often in outdoor, historical, or educational settings, providing safe and informative experiences.

Perishable

Items, especially foodstuffs, that have a short lifespan or shelf life and can quickly deteriorate or lose quality.

Management by Walking Around

A management style where managers informally walk around the office or company premises to check on the work and interact with employees.

Service With a Smile

A customer service philosophy that emphasizes the importance of greeting and serving customers with a friendly demeanor.