Question
On April 18, Riley Co. made a short-term investment in 520 common shares of XLT Co. The purchase price is $64 per share and the
| On April 18, Riley Co. made a short-term investment in 520 common shares of XLT Co. The purchase price is $64 per share and the brokers fee is $470. The intent is to actively manage these shares for profit. On May 30, Riley Co. receives $1.00 per share from XLT in dividends. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Prepare the April 18 and May 30 journal entries to record these transactions
Journal Entry Worksheet On April 18, Riley Co. made a short-term investment in 520 common shares of XLT Co. The purchase price is $64 per share and the brokers fee is $470. The intent is to actively manage these shares for profit. On May 30, Riley Co. receives $1.00 per share from XLT in dividends.
*Enter debits before credits
Journal Entry Worksheet On April 18, Riley Co. made a short-term investment in 520 common shares of XLT Co. The purchase price is $64 per share and the brokers fee is $470. The intent is to actively manage these shares for profit. On May 30, Riley Co. receives $1.00 per share from XLT in dividends.
*Enter debits before credits
|
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Financial And Managerial Accounting Working Papers Volume 1
Authors: Belverd E. Needles
6th Edition
0618102337, 978-0618102334
