Oscar Lloyd is the trustee for the Petra/Hobbes Trust.The following transactions occurred during 2014.Petra and Hobbes,two cats are going to reside with Oscar Lloyd,the trustee and devoted cat lover.
February 18$\quad $ The Petra/Hobbes Trust was established at First State Bank by depositing $ \$ 200,000 $ cash.
February $19 \quad \$ 195,000$ was deposited into a three-year certificate of deposit earning $6 \%$ a year. Interest is paid semi-annually. $5,000 was deposited into a money market account paying $4 \%$ ansual interest. Interest is paid on the average daily balance for the past year. $$\text { February 20 \quad Paid \$36B for cat food, cat toys, and kitty litter at Cats R Us. }$$ February 24$\quad $ Bought assorted cat DVDs for Hobbes and Petra. The DVDs were a combination of fish, bird, and squirrel movies. Paid $182 for the DVDs.
$$\text { June } 25 \quad \text { Paid \$405 for cat food, toys, and kitty litter }$$ $$\text { August } 19 \quad\text { Deposited one-half year's interest income of \$5,850 into the money market account. }$$ $$\text { December } 22 \quad\text { Paid \$722 for cat food, cat toys, kitty litter, Christmas presents for Petra and Hobbes. }$$ Required:
Prepare the necessary journal entries for the above transactions.You may ignore any tax effects.

Question

Oscar Lloyd is the trustee for the Petra/Hobbes Trust.The following transactions occurred during 2014.Petra and Hobbes,two cats are going to reside with Oscar Lloyd,the trustee and devoted cat lover.
 February 18$\quad $ The Petra/Hobbes Trust was established at First State Bank by depositing $ \$ 200,000 $ cash.
 February $19 \quad \$ 195,000$ was deposited into a three-year certificate of deposit earning $6 \%$ a year. Interest is paid semi-annually. $5,000 was deposited into a money market account paying $4 \%$ ansual interest. Interest is paid on the average daily balance for the past year. $$\text { February 20 \quad Paid \$36B for cat food, cat toys, and kitty litter at Cats R Us. }$$ February 24$\quad $ Bought assorted cat DVDs for Hobbes and Petra. The DVDs were a combination of fish, bird, and squirrel movies. Paid $182 for the DVDs.
 $$\text { June } 25 \quad \text { Paid \$405 for cat food, toys, and kitty litter }$$ $$\text { August } 19 \quad\text { Deposited one-half year's interest income of \$5,850 into the money market account. }$$ $$\text { December } 22 \quad\text { Paid \$722 for cat food, cat toys, kitty litter, Christmas presents for Petra and Hobbes. }$$ Required:
Prepare the necessary journal entries for the above transactions.You may ignore any tax effects.

Quizplus · Accepted Answer

The Answer of Oscar Lloyd is the trustee for the Petra/Hobbes Trust.The following transactions occurred during 2014.Petra and Hobbes,two cats are going to reside with Oscar Lloyd,the trustee and devoted cat lover.
 February 18$\quad $ The Petra/Hobbes Trust was established at First State Bank by depositing $ \$ 200,000 $ cash.
 February $19 \quad \$ 195,000$ was deposited into a three-year certificate of deposit earning $6 \%$ a year. Interest is paid semi-annually. $5,000 was deposited into a money market account paying $4 \%$ ansual interest. Interest is paid on the average daily balance for the past year. $$\text { February 20 \quad Paid \$36B for cat food, cat toys, and kitty litter at Cats R Us. }$$ February 24$\quad $ Bought assorted cat DVDs for Hobbes and Petra. The DVDs were a combination of fish, bird, and squirrel movies. Paid $182 for the DVDs.
 $$\text { June } 25 \quad \text { Paid \$405 for cat food, toys, and kitty litter }$$ $$\text { August } 19 \quad\text { Deposited one-half year's interest income of \$5,850 into the money market account. }$$ $$\text { December } 22 \quad\text { Paid \$722 for cat food, cat toys, kitty litter, Christmas presents for Petra and Hobbes. }$$ Required:
Prepare the necessary journal entries for the above transactions.You may ignore any tax effects.

Oscar Lloyd Is the Trustee for the Petra/Hobbes Trust \quad

Oscar Lloyd Is the Trustee for the Petra/Hobbes Trust $\quad$