Inferring Transactions from Financial Statements Amazon.com Inc. is one of the world's leading e-commerce companies, with almost $90 billion in revenues for the fiscal year ended December 31, 2017. For the year ended December 31, 2017, Amazon's cost of goods sold was $62,752 million. Assume that all purchases were made on account. The following T-accounts reflect information contained in the company's 2017 and 2016 balance sheets (in millions). Inventories 12/31/2016 Bal 7,411 12/31/2017 Bal 8,299 Accounts payable 15,133 12/31/2016 Bal 16,459 12/31/2017 Bal a. Prepare the entry, using the financial statement effects template and in journal entry form, to record cost of goods sold for the year ended December 31 2017 Balance Sheet Income Statement Noncash Contrib. Earned Transaction Cash Asset Asset Liabilities Capital Capital Revenues Expenses = Net Income To recognize cost of goods sold + + + General Journal Debit Credit To recognize the cost of goods sold. b. Prepare the entry, using the financial statement effects template and in journal entry form, to record Amazon's inventory purchases for the year ended December 31, 2017. (Assume all purchases are made on account.) Balance Sheet Income Statement Noncash Asset Contrib. Capital Earned Capital Cash Asset + Liabilities = + Revenues Expenses = Net Income Transaction To record inventory purchases on account General Journal Debit Credit To recognize inventory purchases on account. c. What amount did Amazon pay in cash to its suppliers for the year ended December 31, 2017? Payments = $ Check Cost of Goods Sold Merchandise Inventory Accounts Payable