Jones, inc., a calendar-year taxpayer, is in the air conditioner repair business. the business uses the cash method. in december of the current year, jones charged $100 of supplies at refrigeration, inc., (he will pay the credit card bill in january) and also purchased $600 of supplies at xyz on open account (he will make a payment on the open account in january). what is the amount that is deductible by jones, inc., in the current year? a) $100b) $600c) $700d) the amounts must be capitalized and charged to expense as used.