On April 18, Riley Co. made a short-term investment in 550 common shares of XLT Co....

Transcribed Image Text:

On April 18, Riley Co. made a short-term investment in 550 common shares of XLT Co. The purchase price is $67 per share and the broker's fee is $500. The intent is to actively manage these shares for profit. On May 30, Riley Co. receives $1.30 per share from XLT in dividends. Prepare the April 18 and May 30 journal entries to record these transactions. View transaction list Journal entry worksheet 1 2 On April 18, Riley Co. made a short-term investment in 550 common shares of XLT Co. The purchase price is $67 per share and the broker's fee is $500. The intent is to actively manage these shares for profit. Note: Enter debits before credits Date Apr 18 General Journal Debit Credit > On April 18, Riley Co. made a short-term investment in 550 common shares of XLT Co. The purchase price is $67 per share and the broker's fee is $500. The intent is to actively manage these shares for profit. On May 30, Riley Co. receives $1.30 per share from XLT in dividends. Prepare the April 18 and May 30 journal entries to record these transactions. View transaction list Journal entry worksheet 1 2 On April 18, Riley Co. made a short-term investment in 550 common shares of XLT Co. The purchase price is $67 per share and the broker's fee is $500. The intent is to actively manage these shares for profit. Note: Enter debits before credits Date Apr 18 General Journal Debit Credit >