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For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments related to inventories in order
For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments related to inventories in order to determine the amount of cash paid to suppliers. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Paid to Supp General Journal Calculate the amount of cash paid to suppliers for each situation. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Situation Cost of Goods Sold Inventory Increase (Decrease) Accounts Payable Increase (Decrease) Cash Paid to Suppliers 1 275 0 0 2 275 8.9 0 3 275 0 14.2 4 275 5 275 8.9 (8.9) 14.2 (14.2) < Cash Paid to Supp General Journal >
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