QUESTION 9 The business had purchased a one year insurance policy for $1.200. The business had recorded the cost of $1.200 to the asset: Prepaid Insurance. An adjusting entry for the One month expiration of insurance would be: O a. Debit Prepaid Insurance $1.200, Credit Cash $1.200 O b. Debit Prepaid Insurance $1,200, Credit Insurance expense $1,200 O C. Debit Insurance expense $100, Credit Prepaid Insurance $100 o d. Debit Prepaid Insurance $100, Credit Insurance expense $100 QUESTION 10 The business had purchased office supplies for $1,000 and had recorded the purchase as Asset: Office Supplies. At month end, when preparing the financial statements, an inventory shows that $700 of office supplies is still on hand. The business would record and adjusting entry for this transaction: O Debit Office supplies expense $700, credit Asset: Office Supplies $700 oDebit Office supplies expense $300, credit Asset: Office Supplies $300 Debit Office supplies $700, Credit Office supplies expense $700 Debit Office supplies $300, Credit Office supplies expense $700