Sheldon Company began Year 1 with $900 in its supplies account. During the year, the company purchased $2,600 of supplies on account. The company paid $1,800 on accounts payable by year end. At the end of Year 1, Sheldon counted $1,300 of supplies on hand. Sheldon's financial statements for Year 1 would show: Multiple Choice $1,700 of supplies; $400 of supplies expense $1,300 of supplies: $2,200 of supplies expense $1,300 of supplies; $1,300 of supplies expense 11 of 50 Next >