2 Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. 1.1 points Beginning balance Ending balance Inventory 160.0 165.2 Accounts Payable 52.0 Beginning balance 57.8 Ending balance eBook Print 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 $380 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. References 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 $380 million. (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Cash paid to suppliers million Required 1 Required 2 > Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. Beginning balance Ending balance Inventory 160.0 165.2 Accounts Payable 52.0 Beginning balance 57.8 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 $380 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 Cost of goods sold Inventory Accounts payable Cash OOOO