Inferring Transactions from Financial Statements

El Puerto de Liverpool (Liverpool) is a large retailer in Mexico. The following accounts are selected from its annual report for the fiscal year ended December 31, 2013.. For the fiscal year ended December 31, 2013 , Liverpool purchased merchandise inventory costing 45,508,215 thousand Mexican pesos. Assume that all purchases were made on account. The following T-accounts reflect information contained in the company's 2013 and 2012 balance sheets (in thousands of Mexican pesos).

Inventories

Suppliers (Accounts Payable)

12/31/2012 Ba 10 808 568

10,037,748 12/31/2012 Bal

12/31/2013 Bal. 11,672,290

11,204,053 12/31/2013 Bal

1. Prepare the entry, using the financial statement effects template and in journal entry form, to record Liverpool's purchases for the 2013 fiscal year.
2. What amount did Liverpool pay in cash to its suppliers for the fiscal year ended December 31, 2013? Assume that Suppliers (Accounts payable) is affected only by transactions related to inventory.

c. 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, 2013.

Note: Use a negative sign with your answers, when appropriate.