Exercise $21-2($Algo$)$ Determine cash paid to suppliers of merchandise $[$LO$21-3,21-6]$

Shown below in T$-$account format are the beginning and ending balances $(\backslash (\backslash$$ $\backslash )$ In millions$)$ of both inventory and accounts payable.

Required:

$1.$ Use a T$-$account analysis to determine the amount of cash pald to suppliers of merchandise during the reporting perlod if cost of goods sold was $\backslash (\backslash$$ $250\backslash )$ million.

$2.$ Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.

Complete this question by entering your answers in the tabs below.

Use a T$-$account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $\backslash (\backslash$$ $250\backslash )$ million.

Note: Enter your answer in millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$