During December, Camp David, Inc. purchased $5,000 of supplies for use in its business. At the end of December, 20% of the supplies were still on hand, but only 70% had been paid. What amounts will appear on the company's balance sheet on December 31? Supplies on Hand Accounts Payable
A) $5,000 $3,500
B) $1,000 $1,500
C) $4,000 $1,500
D) $1,000 $5,000
Correct Answer:
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