Sheldon Company began Year 1 with $1,200 in its supplies account. During the year, the company purchased $3,500 of supplies on account. The company paid $2,100 on accounts payable by year end. At the end of Year 1, Sheldon counted $1,900 of supplies on hand. Sheldon's financial statements for Year 1 would show: Multiple Choice O $1,900 of supplies; $2,800 of supplies expense O $2,600 of supplies; $700 of supplies expense O $1,900 of supplies; $1,600 of supplies expense