Exercise 21-2 (Algo) Determine cash paid to suppliers of merchandise (LO21-3, 21-6) 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 80.0 82.0 Accounts Payable 20.0 Beginning balance 22.6 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 $220 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 $220 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 $ 219.4 million Journal entry worksheet Record the net effect of merchandise purchases during the reporting period. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal