office supplies

Question Description

I’m studying for my Accounting class and need an explanation.


1. What is contra asset account?

2.what is depreciation and how is it calculated?

3.What is straight-line depreciation?

4.Why are prepaid expense adjusted by the end of each period?

5.The supplies adjustment records the office supplies used for the month. A co-worker asks you to record a larger supplies adjustment compared to what is leftover so the extra supplies can be used at a nonprofit organization.

Would you do as your co-worker requests so the nonprofit organization can have these extra supplies? Why or why not?