On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements?
A. $1,600 of supplies; $3,400 of supplies expense
B. $1,600 of supplies; $200 of supplies expense
C. $1,400 of supplies; $3,200 of supplies expense
D. $1,400 of supplies; $2,000 of supplies expense
Answer: C
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