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?