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 70.0 Ending balance 71.0 Accounts Payable Debit Credit 16.0 Beginning balance 18.2 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 $200 million. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. create the journal entry with a debit to inventory and a credit to cost of goods sold