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 Inventory Beginning balance 70 0 Ending balance 71 0 Accounts Payable 16 0 Beginning balance 18 2 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 $200 million Cash paid to suppliers million 2 Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period Record the net effect of merchandise purchases during the reporting period

Question

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  Inventory Beginning balance 70 0 Ending balance 71 0 Accounts Payable 16 0 Beginning balance 18 2 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 $200 million  Cash paid to suppliers million 2  Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period  Record the net effect of merchandise purchases during the reporting period

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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

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