At December 31, 2022, available-for-sale debt securities for Pharoah, Inc. are as follows. The securities are consideredto be a long-term investment.Security(a)ABCTotalCost$16,98512,93021,760$51,675Fair Value$16.03015,17918,160$49,369Prepare the adjusting entry at December 31, 2022, to report the securities at fair value. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)Date Account Titles and ExplanationDec.31DebitCredit

A journal entry is a basic accounting record that is used to chronologically track financial…

Answered: ecurity A B C Total Cost $16.985 12,930…

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ecurity A B C Total Cost $16.985 12,930 21,760 $51,675 Fair Value $16.030 15,179 18,160 $49,369

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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Question

At December 31, 2022, available-for-sale debt securities for Pharoah, Inc. are as follows. The securities are considered
to be a long-term investment.
Security
(a)
A
B
C
Total
Cost
$16,985
12,930
21,760
$51,675
Fair Value
$16.030
15,179
18,160
$49,369
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 O for the amounts.)
Date Account Titles and Explanation
Dec.
31
Debit
Credit

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