Multiple Choice
On May 1,Counts,Inc.has a balance of $1,000 in office supplies.During May,the company pays $500 for more supplies.On May 31,the company counts the supplies and finds $200 of supplies remaining.What will the company report on its statement of cash flows for the month of May?
A) Supplies expense of $500
B) Supplies of $500
C) Cash paid for supplies of $(500)
D) Accounts payable of $500
Correct Answer:
Verified
Correct Answer:
Verified
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