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:

Cognitive Development

The construction of thought processes, including remembering, problem-solving, and decision-making, from childhood through adolescence to adulthood.

Sentiments

Complex emotions or feelings that involve judgments and evaluations of a particular situation or experience.

Maslow

Refers to Abraham Maslow, a psychologist known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.

Needs

Essential requirements for survival and psychological well-being, including basic physical and emotional needs.