Sheldon Company began Year 1 with $1,200 in its supplies account. During the year, the company purchased $3,400 of supplies on account. The company paid $3,000 on accounts payable by year end. At the end of Year 1, Sheldon counted $1,400 of supplies on hand. Sheldon’s financial statements for Year 1 would show:

1600 of supplies, $200 of supplies expense 

1,400 of supplies $2.000 of supplies expense 

1,400 of supplies $3.200 of supplies expense 

1600 of supplies: $3.400 of supplies expense

Answer rating: 100% (QA)

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