Olaf Company began 2013 with $600 in its supplies account. During the year, the company purchased $1,700 of supplies on account. The company paid $1,500 on accounts payable by year end. On December 31, 2013, Olaf counted $700 of supplies on hand. Olaf's financial statements for 2013 would show:

A. $800 of supplies: $100 of supplies expense

B. 5700 of supplies: $1,600 of supplies expense

C. $700 of supplies: $1,000 of supplies expense

D. $800 of supplies: $1,700 of supplies expense

Answer rating: 100% (QA)

B 1600 supplies expense 700 of suppl... View the full answer