You serve as the trustee for the Lisa Ann Trust. The following transactions occur during June and

Question:

You serve as the trustee for the Lisa Ann Trust. The following transactions occur during June and July 2011:
June 1 Open the trust account, depositing the $1,000,000 transferred from the estate of Cheri James into a non-interest-bearing checking account to be used for trust investment and administration and for accumulation of interest and dividends received from trust investments.
June 2 Deposit $500,000 into a two-year certificate of deposit earning 6 percent annually, with interest paid monthly.
June 3 Invest the remaining $500,000 in a stock mutual fund.
July 2 Record deposit of one month’s interest from the certificate of deposit to the trust checking account.
July 3 Pay bank’s trust administration monthly fee of $41.
REQUIRED
Prepare journal entries for the listed transactions. You may ignore taxes.