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test Business outcome

Sheldon Company began Year 1 with $2,500 in its supplies account. During the year, the company purchased $7,400 of supplies on account. The company paid $3,400 on accounts payable by year end. At the end of Year 1, Sheldon counted $4,500 of supplies on hand. Sheldon's financial statements for Year 1 would show: $4,500 of supplies; $5,400 of supplies expense $6,500 of supplies; $2,000 of supplies expense $4,500 of supplies; $2,900 of supplies expense $6,500 of supplies; $7,400 of supplies expense