Prepare Riley Company's journal entries to record the following transactions for the current year.

April		18		Purchases 360 common shares of XLT Co. as a short-term investment at a cost of $48 per share. With this stock investment, Riley has an insignificant influence over XLT.
May		30		Receives $1.60 per share from XLT in dividends.

Journal entry worksheet

• Purchases 360 common shares of XLT Co. as a short-term investment at a cost of $48 per share. With this stock investment, Riley has an insignificant influence over XLT on April 18.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Apr 18

Journal entry worksheet

• Receives $1.60 per share from XLT in dividends on May 30.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
May 30