Suzanne Quincy Passed Away on October 25,2014

question 4

Essay

Suzanne Quincy passed away on October 25,2014.Suzanne left behind a limited estate,so there are no tax issues to address,however,she owned a dog,Buddy,and Suzanne provided for Buddy in the will.Suzanne left $100,000 for Buddy's care,and the remainder of her estate was left to her neighbor,Agnes.Suzanne's estate had the following events and transactions in the month following her death.
1.Her assets were converted to cash at their fair value as inventoried: Mutual funds,$270,000; and Residence,$209,000.There were no other reportable assets.
2.Transferred $100,000 to a trust account at Second National Bank to provide care for Buddy,and delivered Buddy to Paws and Claws Pet Farm,his new home.
3.Wrote check to pay for funeral expenses for $9,600.
4.Wrote check to pay for executor fees as designated in the will of $1,000.
5.Wrote check to pay balance of estate to Agnes.
Required:
Prepare the journal entries for the listed transactions.Disregard the impact of estate and income taxes.

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Definitions:

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, income, employment, industrial production, and wholesale-retail sales.

Stagflation

A situation in an economy where there is slow economic growth, high unemployment, and rising prices simultaneously.

Inflation

The escalation rate of average prices for goods and services, which deteriorates buying power.

Disinflation

A decrease in the rate of inflation, indicating a slowdown in the rate at which prices increase.