During December, Camp McDavid Inc. purchased $5,000 of supplies for use in its business. At the end of December, 70% had been paid but only 20% of the supplies were still on hand. Under accrual accounting, what amounts will appear on the company's statement of financial position (balance sheet) on December 31? supplies: $1,000; accounts payable: $1,500 supplies: $1,000; accounts payable: $5,000 O supplies: $4,000; accounts payable: $1,500 supplies: $5,000; accounts payable: $3,500 A company's current ratio is 2.0. What effect will the company purchasing inventory on credit have? O There will be no net impact on the current ratio. The current ratio will change but the quick ratio will not. The current ratio will increase. The current ratio will decrease