Business, 03.03.2020 01:50 vbucks72

Jerome, Inc., owned a single short-term available-for-sale security with a cost of $40,000 and a fair value of $40,500 at December 31 of the previous year. At that time, an adjusting entry was recorded for the fair value adjustment with a debit to Fair Value Adjustment—Available-for-sale for $500 and a credit to Unrealized Gain—Equity for $500. Jerome sold that security for $39,900 on January 4 of the current year.
Compute necessary journal entry for January 4th by selecting the account names from the pull-down menus and entering the dollar amounts in the debit and credit columns. (Assume that the portion of the entry that removes the balance in the Unrealized Gain --Equity and Fair Value Adjustment-Available for sale (ST) accounts will be made in a separate journal entry).

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Jerome, Inc., owned a single short-term available-for-sale security with a cost of $40,000 and a fai...

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