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QS 15-7 Available-for-sale securities LO P3 Journ Co. purchased short-term investments in available-for-sale securities at...

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Accounting

QS 15-7 Available-for-sale securities LO P3

Journ Co. purchased short-term investments in available-for-sale securities at a cost of $66,000 on November 25, 2017. At December 31, 2017, these securities had a fair value of $61,400. This is the first and only time the company has purchased such securities. 1. & 3. Prepare the December 31, 2017, year-end adjusting entry for the securities' portfolio and the April 6, 2018, entry when Journ sells one-half of these securities for $34,320.

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