Question
Brief Exercise 21-3 Determine cash paid to suppliers [LO21-3] LaRoe Lawns inventory increased during the year by $6 million. Its accounts payable increased by $5
Brief Exercise 21-3 Determine cash paid to suppliers [LO21-3] LaRoe Lawns inventory increased during the year by $6 million. Its accounts payable increased by $5 million during the same period. a. What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $25 million? (Enter your answer in millions. (i.e., 10,000,000 should be entered as 10).) b. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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