CengageNOWV2 | Online teaching and learning resource from Cengage Learning 5. MC.03.86 The adjusting entry to record the depreciation of a building for the fiscal period is Fee a. debit Depreciation Expense; credit Accumulated Depreciat b. debit Accumulated Depreciation; credit Depreciation Expens c. debit Depreciation Expense; credit Building.. d. debit Building; credit Depreciation Expense. 6. MC.03.90 Smokey Company purchases a one-year insurance policy on July 1 for $3,600. The adjusting entry on December 3 a. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 b. debit Prepaid Insurance, $1,800; credit Cash, $1,800 c. debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500 d. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 7. MC.03.83 The entry to adjust for the cost of supplies used during the accounting period is a. debit Supplies; credit Stockholders' Equity. b. debit Supplies Expense; credit Supplies c. debit Stockholders' Equity; credit Supplies d. debit Accounts Payable; credit Supplies 8. MC.03.128 Which of the accounting steps in the accounting process below would be completed last? a. posting b. preparing the adjusted trial balance c. journalizing d. preparing the financial statements 9. MC.03.129 When is the adjusted trial balance prepared? a. after adjusting journal entries are posted b. after the adjusting journal entries are journalized Search 0 e C CengageNOW21 Cenge