PhillipsPhillips

Company purchases

1,100

shares of

Quick MartQuick Mart

common stock at the market price of

$84.56

on

MarchMarch

23,

2018.

(PhillipsPhillips'

investment in

QuickQuick

represents less than 5% of the outstanding stock of

QuickQuick;

PhillipsPhillips

does not have significant influence over

QuickQuick.)

PhillipsPhillips

intends to hold this investment for more than one year. On

JuneJune

22,

2018,

PhillipsPhillips

receives a cash dividend of

$0.38

per share of the

QuickQuick

stock. Record the entries to (1) record the initial investment; and (2) record the receipt of the cash dividend. (Record debits first, then credits. Exclude explanations from any journal entries..)

Prepare the entry to (1) record the initial investment.

Journal Entry
Date		Accounts	Debit	Credit
Mar	23

Prepare the entry to (2) record the receipt of the cash dividend.

Journal Entry
Date		Accounts	Debit	Credit
Jun	22