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Jerome, Inc., paid $8,850 to make a debt investment in trading securities of Tedesco, Inc. On December 30, (within the same fiscal year), Jerome sold some of these debt securities that had a cost of $6,
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Jerome, Inc., paid $8,850 to make a debt investment in trading securities of Tedesco, Inc. On December 30, (within the same fiscal year), Jerome sold some of these debt securities that had a cost of $6,500 for $7,000 cash. Complete the necessary adjusting entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.

User Steven Smith
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Answer:

Date General Journal Debit Credit

Debt investment 8850

Cash 8850

Dec 30 Cash 7000

Debt investment 6500

Gain on sale of investment 500

Step-by-step explanation:

User Skullomania
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