Buddy,a Dog,is Cared for by a Trust Set Up by His

question 49

Essay

Buddy,a dog,is cared for by a trust set up by his owner's will.The following transactions occurred for the trust.
1.The trust was established with $100,000 from his owner's estate,by deposit to a savings account.
2.A check is written to Paws and Claws Puppy Farm to cover the first month of Buddy's room and board,for $680.
3.A check is received for interest earned on the savings account amounting to $417.
4.Buddy dies.Paws and Claws sends a final room and board bill for $430,with additional charges for Buddy's burial of $270.The invoice is paid.
5.The balance of the trust is turned over to the Humane Society,as prescribed by Buddy's owner's will,and the trust is closed.
Required:
Prepare the journal entries for the listed transactions.Disregard the impact of estate and income taxes.

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Definitions:

Decimal Places

How many digits are found after the decimal point within a decimal figure.

Logarithmic Equation

An equation involving logarithms of variables or constants, which can often be solved by using properties of logarithms.

Ln

The natural logarithm, which is the logarithm to the base \(e\), where \(e\) is an irrational and transcendental constant approximately equal to 2.71828.

Expression

A combination of symbols and numbers in mathematics that represents a quantity or relationship but does not include an equality sign.