Lowe$$s is the second$-$largest home improvement retailer in the world, with $2,002$ stores. During a recent fiscal year, Lowe$$s purchased merchandise inventory at a cost of $$49,569($$ millions$).$ Assume all purchases were made on account and accounts payable is only used for inventory purchases. The following T$-$accounts reflect relevant balance sheet information.

Merchandise Inventory

Opening balance $8,911$

Closing balance $9,458$

Accounts Payable

$5,124$ Opening balance

$5,633$ Closing balance

a$.$ What amount did Lowe$$s pay in cash to its suppliers during the fiscal year? Explain.

Note: Do not use a negative sign.

Accounts Payable

Opening balance Answer $1$

$5,124$

Add purchases Answer $2$

$49,569$

Subtract payments to suppliers Answer $3$

$5,633$

Closing balance Answer $4$

$49,060$

Lowe$$s paid in cash to its suppliers: $Answer $5$

$49,060$

b$.$ Use the financial statement effects template to record Lowe$$s purchases during the fiscal year.

c$.$ Use the financial statement effects template to record cost of sales for the fiscal year.

Note: Use negative signs with answers when appropriate.

Note: If an answer field is not needed, leave it blank $($not all answer fields will be used$).$

BALANCE SHEET INCOME STATEMENT

Cash Noncash Contributed Earned Net

Transaction Asset Assets Liabilities Capital Capital Revenues Expenses Income

b$.$ Purchase inventory on account Answer $6$

$0$

Answer $7$

$49,060$

Answer $8$

$39,051$

Answer $9$

$0$

Answer $10$

$0$

Answer $11$

$0$

Answer $12$

$0$

Answer $13$

$0$

Answer $14$

N$/$A

Answer $15$

Acct Rec

Answer $16$

N$/$A

Answer $17$

N$/$A

Answer $18$

N$/$A

Answer $19$

N$/$A

Answer $20$

N$/$A

c$.$ Record COGS for the fiscal year Answer $21$

$0$

Answer $22$

$0$

Answer $23$

$0$

Answer $24$

$0$

Answer $25$

$0$

Answer $26$

$0$

Answer $27$

$0$

Answer $28$

$0$

Answer $29$

N$/$A

Answer $30$

N$/$A

Answer $31$

N$/$A

Answer $32$