Question 4: On 1/1/2017, XYZ Company purchased supplies $1000 cash. On 15/8/2017, the company purchased additional supplies for $2000 on account An inventory of supplies revealed that supplies on hand at 31/12/2017 are $2999. Required: 1. Calculate the amount of Supplies will be reported in the Balance Sheet on 31/12/2017 2. Calculate the amount of Supplies expense will be reported in the Income Statement on 31/12/2017