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:

Essential Elements

Nutrients required for organisms to survive and reproduce, that cannot be synthesized internally and must be obtained from the environment.

Leaf

A flattened structure of a higher plant, typically green and blade-like, that is attached to a stem directly or via a stalk. Leaves are the main organs of photosynthesis and transpiration.

Guttation

The exudation of droplets of water from the pores of plants, typically occurring at night when root pressure is high and transpiration is low.

Soil Moisture

The amount of water present in the soil which is crucial for the growth of plants and the sustainability of terrestrial ecosystems.