You Are Serving as the Executor for the Estate of Scott

question 44

Essay

You are serving as the executor for the estate of Scott Michaels,who passed away on June 28,2014.The following transactions occur during the balance of June and July,2014.
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 30,2014.
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.

Understand the design and application of structured and unstructured questions in research.

Grasp the concept of data mining and its usage in analyzing customer patterns and behaviors.

Discern the purpose and process of experiments in research.

Recognize the importance of surveys in gathering quantitative data.

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Definitions:

Trimmed Mean

A method of averaging that involves removing a specified percentage of the smallest and largest values before calculating the mean.

Bootstrap Distribution

A sampling distribution estimated by resampling with replacement from an observed dataset, typically used to estimate the variability of a statistic.

Confidence Interval

An interval estimate that provides an upper and lower limit within which the true parameter of a population is expected to fall, with a specified probability.

Annual Salaries

The total earnings of an individual or employee over the course of a year, excluding bonuses or other additional payments.