16 oscar lloyd is the trustee for the petra hobbes trust the following transactions 4307319

16 oscar lloyd is the trustee for the petra hobbes trust the following transactions 4307319

16) Oscar Lloyd is the trustee for the Petra/Hobbes Trust. The following transactions occurred during 2011. Petra and Hobbes, two cats are going to reside with Oscar Lloyd, the trustee and devoted cat lover.

February 18The Petra/Hobbes Trust was established at First State Bank by depositing $200,000 cash.

February 19$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% annual interest. Interest is paid on the average daily balance for the past year.

February 20Paid $368 for cat food, cat toys, and kitty litter at Cats R Us.

February 24Bought assorted cat DVDs for Hobbes and Petra. The DVDs were a combination of fish, bird, and squirrel movies. Paid $182 for the DVDs.

June 25Paid $405 for cat food, toys, and kitty litter.

August 19Deposited one-half year's interest income of $5,850 into the money market account.

December 22Paid $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.

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