The trading securities portfolio of Jerome, Inc., had a total cost of $3,000 and a fair value of $2,800 on December 31, which is the first year it held trading securities.

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.

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.