During December, Camp David, Inc. purchased $5,000 of supplies for use in its business. At the end

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Question:

During December, Camp David, Inc. purchased $5,000 of supplies for use in its business. At the end of December, 20% of the supplies were still on hand, but only 70% had been paid. What amounts will appear on the company's balance sheet on December 31?

Supplies on Hand Accounts Payable

A)$5,000 $3,500

B)$1,000 $1,500

C)$4,000 $1,500

D)$1,000 $5,000