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Prepare the november entry to record the purchase of debt

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Reference no: EM132822828

Journ Co. purchased short-term investments in available-for-sale debt securities at a cost of $52,000 cash on November 25. At December 31, these securities had a fair value of $51,000. This is the first and only time the company has purchased such securities.

Problem 1: 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 ($5,200 cost) for $6,900 cash.

Reference no: EM132822828

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