LaRoe Lawns' inventory increased during the year by $6 million. Its accounts payable increased by $5 million

Question:

LaRoe Lawns' inventory increased during the year by $6 million. Its increased by $5 million during the same period. What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $25 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...