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

$\backslash$table$[[,$Inventory$],[$Debit$,,$Credit,$],[$Beginning balance,$90,,]]$

$\backslash$table$[[$Debit Accounts Payable,$],[,14$ Beginning balance$],[,16$ 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 $$300$ million.

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.

Required $1$

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 $$300$ million.

Note: Enter your answer in millions $($i$.$e$.,10,000,000$ should be entered as $10).$

Cash paid to suppliers

million

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