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.