The trial balance of the Estate of Tom Beresford at April 17, 200X is as follows
ID: 2498270 • Letter: T
Question
The trial balance of the Estate of Tom Beresford at April 17, 200X is as follows:
Debit (Credit)
Principal cash $ 20,750
GM Stock 50,000
GMAC Bonds 100,000
Interest receivable on bonds 2,500
Funeral and administrative expenses 6,800
Estate principal (180,050)
Prepare the journal entries on the books of the Estate of Tom Beresford to transfer the assets and close the books on April 17, 200X.
Prepare the journal entries on the books of the First State Bank to record the receipt of the assets an April 17, 200X
Explanation / Answer
Journal entries on the books of the Estate of Tom Beresford to transfer the assets and close the books on April 17, 200X
Debit
Credit
First state bank
180050
Cash
20750
GM Stock
50000
GMAC Bonds
100000
Interest receivable on bonds
2500
Funeral and administrative expenses
6800
journal entries on the books of the First State Bank
Debit
Credit
Cash
20750
GM Stock
50000
GMAC Bonds
100000
Interest receivable on bonds
2500
Funeral and administrative expenses
6800
Estate principal
180050
Debit
Credit
First state bank
180050
Cash
20750
GM Stock
50000
GMAC Bonds
100000
Interest receivable on bonds
2500
Funeral and administrative expenses
6800
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