Journ Co. purchased short-term investments in available-for-sale debt securities at a cost of $50,600 cash on November 25. At December 31, these securities had a fair value of $48,200. This is the first and only time the company has purchased such securities. 1. 2. & 3. Prepare the November 25 entry to record the purchase of debt securities, the December 31 year-end adjusting entry for the securities' portfolio, and the April 6 entry when Journ sells 8% of these securities ($4,048 cost) for $7,000 cash.

Journal entry worksheet

• Record purchase of available-for-sale securities.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Nov. 25

Journal entry worksheet

• Record the year-end adjustment to fair value, if any.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Dec. 31

Journal entry worksheet

• Record sale of 8% of available-for-sale securities.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Apr. 6