2. Al Sooner died on January 15, 20X5. Records disclose the following estate:
Cash in the bank
$ 7,500
5% note receivable, including $50 accrued interest
3,050
Stocks
70,000
Dividends declared on stocks
250
8% mortgage receivable, including $150 accrued interest
30,150
Real estate - apartment house
400,000
Household effects
27,250
Dividends receivable from the Peg Sooner Trust Fund
250,000
Total inventory of assets
$788,200
Cash receipts:
Jan.
20
Dividends
$ 1,500
25
5% note receivable
3,000
Interest on 5% note receivable
53
Stocks sold, inventoried at $22,500
20,000
28
8% mortgage sold
33,000
Interest accrued on mortgage
207
29
Sale of apartment house
395,000
Sale of assets not inventoried
250
Total cash receipts
$453,010
Cash Disbursements:
Jan.
20
Funeral expenses
$ 2,750
23
Decedent's debts
8,000
25
Decedent's bequests
10,000
31
Payment to son, including all estate income
20,000
Total cash disbursements
$40,750
Required:
Prepare journal entries to record the events in his estate for the period January 15 through January 31, 20X5.
Jan 15, Cash principal
7500
5% NR
3000
Accrued int.
50
Stock
70,000
Dir Rec.
250
80% Mort. Rec.
30,000
Accrued int
150
Real estate
400,000
Household
27,250
Div. Rec.
250,000
Estate principal
788,200