Asked by Zachary Wages on Jun 26, 2024
Verified
The executor of the Estate of Kate Tweed discovered the following assets (at fair value): 
The will of Kate Tweed had the following provisions:$195,000 in cash went to Victor Vickery.All shares of PepsiCo went to Duchess Doyle.The residence went to Louis Tweed.All other estate assets were to be liquidated with the resulting cash going to the Sacred Church of Liberty, Missouri.Cash of $195,000 was conveyed to the appropriate beneficiary. Prepare the journal entry to record the transaction.
Cash Conveyed
The transfer of cash from one party to another, often used in the context of financial transactions or payments.
Beneficiary
An individual or entity entitled to benefits or proceeds from an insurance policy, will, or trust.
Journal Entry
An individual record in an accounting journal that documents a specific financial transaction.
- Understand thoroughly the process of producing journal entries for various forms of transactions in estate administration.
- Learn about the role of provisions in distributing estate assets and liabilities.
- Comprehend the methods for managing and documenting transactions related to specific bequests in a will.
Verified Answer
Learning Objectives
- Understand thoroughly the process of producing journal entries for various forms of transactions in estate administration.
- Learn about the role of provisions in distributing estate assets and liabilities.
- Comprehend the methods for managing and documenting transactions related to specific bequests in a will.
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