On January 1, Year 2, the Supplies account of Sheldon Company had a balance of...
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Accounting
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $800. During the year, the company purchased $2,300 of supplies on the account and made partial payments totaling $1,700 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,100 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements?
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