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What sheldon financial statements for year one would show

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Problem 1: Sheldon Company began Year 1 with $2,200 in its supplies account. During the year, the company purchased $6,500 of supplies on account. The company paid $3,100 on accounts payable by year end. At the end of Year 1, Sheldon counted $3,900 of supplies on hand. Sheldon's financial statements for Year 1 would show:

A. $5,600 of supplies; $1,700 of supplies expense
B. $3,900 of supplies; $2,600 of supplies expense
C. $3,900 of supplies; $4,800 of supplies expense
D. $5,600 of supplies; $6,500 of supplies expense

Reference no: EM132954434

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