How will the company report its unused supplies

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Reference no: EM131593711

Spic & Spam, Inc. started the month of June with $600 worth of cleaning supplies. During the month, Spic & Spam purchased $300 of supplies for cash. At June 30, $200 worth of supplies was unused. How will the company report its UNUSED supplies on June 30?

a. $200 of unused supplies will appear as an expense on the income statement.

b. $700 unused of supplies will appear as an expense on the income statement.

c. $200 of unused supplies will appear as an asset on the balance sheet.

d. $700 of unused supplies will appear as an asset on the balance sheet.

Reference no: EM131593711

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