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QS C-7(Algo) Accounting for available-for-sale debt securities LO P3 Journ Company purchased short-term...

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Accounting

QS C-7(Algo) Accounting for available-for-sale debt securities LO P3
Journ Company purchased short-term investments in available-for-sale debt securities at a cost of $51,000 cash on November 25. At December 31, these securities had a fair value of $49,000. This is the first and only time the company has purchased such securities.
& 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 ( $4,080 cost) for $6,000 cash.
Journal entry worksheet
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Record purchase of available-for-sale securities.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[November 25,A,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
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