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inysia [295]
3 years ago
9

On April 18, Riley Co. made a short-term investment in 440 common shares of XLT Co. The purchase price is $56 per share and the

broker's fee is $390. The intent is to actively manage these shares for profit. On May 30, Riley Co. receives $1.30 per share from XLT in dividends.
a. Prepare the April 18 and May 30 joumal entries to record these transactions.
Business
1 answer:
Alika [10]3 years ago
8 0

Explanation:

General Journal

April 18

Debit Short-term Investments 25,030

Credit Cash 25,030

(440x$56= 24,620+390) = 25,030

May 30 ,

Debit Cash 572

Credit Dividend Revenue 572

1.30×440= 572

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Informative advertising :
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2. You retire at age 60 and expect to live another 23 years. On the day you retire, you have $568,900 in your retirement savings
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The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
Lera25 [3.4K]

<u>Solution and Explanation:</u>

The following journal entries will be passed in the book sof fasteners Inc., Co., which is a supplier of buttons and zippers for clothing

Date        Accounts Titles and Explanation  Post Ref    Debit  Credit

1 Nov-21  Notes receivable                                      $ 72,000  

      Accounts receivable-McKenna Outer Wear Co.        $ 72,000

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3  Jan-20  Cash                                           $ 73080  

 Interest revenue (72000 * 9 \% * 20 / 360)         $360

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Note: the figures have been calculated and rounded off in the nearest dollar amount.

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