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Chapter 8 Test Name K/U 3. The steps in the accounting cycle that you have learned to date are B. C. D. E. F. T 4. In the chart below, write in the numbers of the accounts that are debited and credited when the given adjustments are made. For items B, C, and D, assume that accounting clerks debited asset accounts when they received the appropriate invoices. 14 Adjustments Dr Cr Accounts A. Adjust for late-arriving 1. Accounts 7. Supplies telephone bill Payable B. Adjust for insurance used 2. Customer's 8. Prepaid Account Insurance C. Adjust for prepaid licence 3. Licence Expense 9. Prepaid Licences D. Adjust for supplies used 4. Insurance 10. Supplies Expense Expense 5. Insurance Assets 11. Telephone Expense 6. Merchandise Inventory Copyright @ 2013 Pearson Canada Inc. This page may have been modified from its original 3