QUESTION 8 December 31 each year. The following questions relate to the adjusting entries Adams and Adams, Inc. (AA), a law firm prepares ANNUAL financial statements recorded at December 31, 2018. AA rents storage space for documents from another company. They rented this space for the whole year. The annual rent payment is $2,000, AA had not yet paid their bill and it is now December 31, 2018. The adjusting entry (if necessary) wil: OA Decrease (debit) Contributed capital by $2,000 OB. Increase (credit) Rent Payable by $2,000 C. Increase (credit) Rent Revenue by $2,000 D. No adjusting entry in necessary OE. Increase (debit) Rent Receivable by $2,000 QUESTION 9 Adams and Adams, Inc. (AA), a law firm prepares ANNUAL financial statements at December 31 each year. The following questions relate to the adjusting entries recorded AA bought a 2-year insurance policy for $1,200 on November 1, 2018. The amount was recorded in the Prepaid Insurance account. How much Insurance Expense will AA report for 2018? OA None t December 31, 2018. B. S200 OC.$1,100 OD. $1,000 OE. $100