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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 $50,300 cash on November 25. At December 31, these securities had a fair value of $47,600. 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 9% of these securities ($4,527 cost) for $5,700 cash. View transaction listRecord the year-end adjustment to fair value, if any. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Unrealized loss - Equity Fair value adjustment - Available-for-saleRecord sale of 9% of available-for-sale securities. Note: Enter debits before credits. Date General Journal Debit Credit Apr. 6 Cash 5,700 Gain on sale of debt investments Debt investments - AFS