The trial balance below was taken from the records of R. Martin, executor for the estate of J. Mitchell, on October 31, 20X1. Martin had acted as executor since the date of Mitchell's death, June 12, 20X1.
REQUIRED:
1) Prepare the proper statements for the estate of J. Mitchell.
2) Prepare journal entries as of November 1, 20X1, to close the executor's accounts and to transfer the remaining assets to Helen Mitchel, widow, on that date.
R. Martin
TRIAL BALANCE
October 31, 20X1
| Cash: Principal |
$4,400 |
|
| Cash: Income |
$680 |
|
| Debts of decedent paid |
$1,120 |
|
| Loss on realization |
$460 |
|
| Funeral and administrative expenses |
$850 |
|
| Automobile |
$1,750 |
|
| Bonds |
$20,000 |
|
| Legacy paid: March Mitchell |
$2,500 |
|
| Gain on Realization |
|
$960 |
| Assets subsequently discovered |
|
$1,450 |
| Expense-Income |
$290 |
|
| Distribution to income beneficiary: Helen Mitchell |
$1,070 |
|
| Estate corpus |
|
$28,670 |
| Income |
|
$2,040 |
|
$33,120 |
$33,120 |