Avery Died Testate Early in 2014

question 48

Essay

Avery died testate early in 2014.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:

Real Estate Agent

A licensed professional who represents buyers or sellers in real estate transactions.

History Degree

An academic qualification awarded for the study of historical events, societies, and their contexts.

Experienced

Possessing knowledge or skill in a specific area or field acquired through direct involvement or exposure.

Conflicts Of Interest

Situations in which a person's personal interests could compromise their judgment, decisions, or actions in a professional or official capacity.