Asked by Antonia Divinity on Apr 27, 2024
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The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Danny Mack's funeral was $20,000.Prepare the journal entry to record the distribution of $4,000 to Anna Lee, an income beneficiary.
Income Beneficiary
An individual or entity entitled to receive income from a trust, estate, or other income-generating assets.
Journal Entry
A journal entry is a record of a financial transaction in the accounting system of a business, consisting of debit and credit entries to maintain the double-entry bookkeeping system.
- Learn the method for establishing journal entries for diverse dealings in estate administration.
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ZK
Learning Objectives
- Learn the method for establishing journal entries for diverse dealings in estate administration.
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