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?
A) supplies on hand: $1,000; accounts payable: $1,500
B) supplies on hand: $1,000; accounts payable: $5,000
C) supplies on hand: $4,000; accounts payable: $1,500
D) supplies on hand: $5,000; accounts payable: $3,500
Correct Answer:
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