On january 1, year 2, the supplies account of sheldon company had a balance of $1,200. during the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. on december 31, year 2, sheldon determined that there were $1,400 of supplies on hand. which of the following would be reported on sheldon’s year 2 financial statements?
a.$1,600 of supplies; $200 of supplies expense
b.$1,400 of supplies; $2,000 of supplies expense
c.$1,400 of supplies; $3,200 of supplies expense
d.$1,600 of supplies; $3,400 of supplies expense