At December 31, 2022, the trading debt securities for Blossom, Inc. are as follows: | Security | Cost | Fair Value | |----------|---------|------------| | A | $17,359 | $16,420 | | B | $11,690 | $14,443 | | C | $21,920 | $16,430 | | **Total**| $50,969 | $47,293 | **Instruction: (a)** Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (*Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.*) | Date | Account Titles and Explanation | Debit | Credit | |--------|--------------------------------|-------|--------| | Dec. 31| | | | | | | | |

At December 31, 2022, the trading debt securities for Blossom, Inc. are as follows: | Security | Cost | Fair Value | |----------|---------|------------| | A | $17,359 | $16,420 | | B | $11,690 | $14,443 | | C | $21,920 | $16,430 | | Total| $50,969 | $47,293 | Instruction: (a) Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) | Date | Account Titles and Explanation | Debit | Credit | |--------|--------------------------------|-------|--------| | Dec. 31| | | | | | | | |

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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