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Create journal entries to record

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Reference no: EM133253462

On July 15, 2021, Giles, Inc. purchases a debt security of Mavis Company for $8,000 as an available-for-sale debt security. On December 31, 2021, the investment is selling for $9,400. On January 24, 2022, Giles sells the debt security of Mavis when it is selling for $8,700.

Create journal entries to record the following:

A. The purchase of the debt security of Mavis.

B. Any necessary journal entry on December 31, 2021.

C. The sale of the debt security of Mavis on January 24, 2022.

Reference no: EM133253462

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