Business, 10.03.2020 01:32 natalie2sheffield

Sheldon Company began 2016 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. On December 31, 2016, Sheldon counted $1,400 of supplies on hand.
Sheldon’s financial statements for 2016 would show:

A. $1,600 of supplies; $200 of supplies expense.
B. $1,400 of supplies; $2,000 of supplies expense.
C. $1,400 of supplies; $3,200 of supplies expense.
D. $1,600 of supplies; $3,400 of supplies expense.

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Sheldon Company began 2016 with $1,200 in its supplies account. During the year, the company purchas...

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