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 and explain the change in each account shown. All dollars are in millions. (If no entry is required for a particular 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).)

• 1.

  Record the entry for situation 1.

• 2.

  Record the entry for situation 2.

• 3.

  Record the entry for situation 3.

• 4.

  Record the entry for situation 4.

• 5.

  Record the entry for situation 5.

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 and explain the change in each account shown. All dollars are in millions. (If no entry is required for a particular 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).) Situation Cost of Goods Sold Inventory Increase (Decrease) Accounts Payable Increase (Decrease) Cash Paid to Suppliers 1 200 0 2 200 6 3 200 0 14 4 200 6 14 5 200 (6) (14) 1. Record the entry for situation 1. 2. Record the entry for situation 2. 3. Record the entry for situation 3. 4. Record the entry for situation 4. 5. Record the entry for situation 5