On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,500 of supplies on account and made partial payments totaling $2,100 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,900 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $2,600 of supplies; $3,500 of supplies expense $2,600 of supplies; $700 of supplies expense $1,900 of supplies; $1,600 of supplies expense $1,900 of supplies; $2,800 of supplies expense