The balance of Barkley Cos supplies account was $800 at the start of the accounting period. During the year Barkley made two purchases of supplies for $2,800 and $1,200. A physical count of the supplies on hand at the end of the accounting period showed that Barkley had $600 worth of supplies still on hand. For supplies, Barkleys financial statements for this period should include

Supplies of $4,800 on the Balance Sheet

Supplies Expense of $4,200 on the Income Statement

Supplies of $4,200 on the Balance Sheet

Supplies Expense of $600 on the Income Statement

Nittany Company borrowed $75,000 from Lion Corporation on May 1, 2018 signing a 9-month payable with an interest rate of 4%. Nittany Co operates on a calendar year basis and is preparing its year-end financial statements. What amount of Interest Payable should Nittany Co. report from this note payable on its December 31, 2018 Balance Sheet?

$ 0

$1,750

$2,000

$3,000