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Question 10 (2 points) An accountant neglects to calculate the yearly depreciation for an electric pencil sharpener, which cost $30 and has an expected useful life of five years. That is because the accountant charged the entire $30 to the Office Expense account at the time of purchase. Explain what has the accountant done wrong and what is the correct way to expense the sharpener. Question 11 (2 points) Why is it important to take a physical count of Supplies at the end of the fiscal period? How would it affect the Balance Sheet if there was no adjustment made? Question 12 (2 points) Why is it important to adjust for prepaid insurance end of the fiscal period? How would it affect the Balance Sheet if there was no adjustment made