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

Inventory

Debit Credit

Beginning balance $90\mathrm{.}0$

Ending balance $93\mathrm{.}0$

Accounts Payable

Debit Credit

$24\mathrm{.}0$ Beginning balance

$27\mathrm{.}0$ Ending balance

Required:

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 $$240$ million.

Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.Shown below in T$-$account format are the beginning and ending balances $($ $ in millions$)$ of both inventory and accounts payable.

Required:

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 $$240$ million.

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

Answer is complete but not entirely correct.

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

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your

answers in millions rounded to $1$ decimal place $($ihe$.,5,500,000$ should be entered as $5\mathrm{.}5).$