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
C
Business
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