Complete the Following by Filling in the Blanks

question 95

Essay

Complete the following by filling in the blanks:
(1) The Prepaid Insurance account had a $545 debit balance at the beginning of the current year;
$650 of insurance premiums were paid during the year; and the year-end balance sheet showed $420 of prepaid insurance; consequently, the income statement for the year must have shown $________ of insurance expense.
(2) The Office Supplies account began the current year with a $235 debit balance; the income statement for the year showed $475 of office supplies expense; and the year-end balance sheet showed the current asset, office supplies, at $275; consequently, if all supplies were accounted for,
$ of office supplies must have been purchased during the year.

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Definitions:

Polls

Surveys of public opinion where a sample of respondents is asked questions to gauge their views on various topics, often used in politics and market research.

Democratic Nations

Countries that operate under a system of government where power is vested in the people, who rule either directly or through freely elected representatives.

Public Consent

The agreement or approval of the general public or a specific community towards a particular idea or policy.

Argument by Analogy

A form of reasoning in which an argument or claim is supported by drawing a comparison between two similar situations or cases.