Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. Beginning balance Ending balance Inventory 90.0 93.0 Accounts Payable 24.0 Beginning balance 27.0 Ending balance 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 $240 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. Required 1 Required 2 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. (Enter your answer in millions rounded to 1 decimal place (1.e., 5,500,000 should be entered as 5.5).) Cash paid to suppliers million Required 2 > View transaction list Journal entry worksheet 1 Record the net effect of merchandise purchases during the reporting period. Note: Enter debits before credits. Event General Journal Debit Credit 1 Recorded No journal entry required Accounts payable Accounts receivable Accumulated depreciation View general Journal