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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.

Respuesta :

Answer:

Date                                      General Journal        Debit Credit

                                                     Debt investment        8850  

                                                     Cash                                           8850

Dec 30                                       Cash                           7000  

                                                     Debt investment                                 6500

                                                     Gain on sale of investment              500

Explanation:

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