QS C-7 Accounting for available-for-sale debt securities LO P3 Journ Co. purchased short-term investments in available for sale debt securities at a cost of $50,400 cash on November 25. At December 31, these securities had a fair value of $47.800. 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 Joum sells 10% of these securities ($5,040 cost) for $7.000 cash. View transaction list Journal entry worksheet Record purchase of available for sale securities. Note: Enter debits before credits General Journal Debit Credit Nov 25 Record entry Clear entry View general journal QS C-7 Accounting for available-for-sale debt securities LO P3 Journ Co. purchased short-term investments in available for sale debt securities at a cost of $50,400 cash on November 25. At December 31, these securities had a fair value of $47,800. 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 10% of these securities ($5,040 cost) for $7.000 cash View transaction list Journal entry worksheet Record the year-end adjustment to fair value, if any. Note: Enter debits before credits General Journal Debit Credit Date Dec. 31 Record entry Clementy View general journal N QS C-7 Accounting for available-for-sale debt securities LO P3 oints Journ Co. purchased short-term investments in available for sale debt securities at a cost of $50,400 cash on November 25. At December 31, these securities had a fair value of $47,800. 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 th securities' portfolio, and the April 6 entry when Journ sells 10% of these securities ($5,040 cost) for $7,000 cash. View transaction list Journal entry worksheet References Record sale of 10% of available for sale securities Note Enter debits before credits General Journal Dobit Credit Apr. 6 Record entry Clear entry View general journal