On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,500. During the year, the company purchased $4,400 of supplies on account and made partial payments totaling $2,400 on those accounts. On December 31, Year 2, Sheldon determined that there were $2,500 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $3,500 of supplies: $4,400 of supplies expense $2,500 of supplies; $3,400 of supplies expense $3,500 of supplies: $1,000 of supplies expense O $2,500 of supplies; $1,900 of supplies expense