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Exercise 21-2 (Algo) Determine cash paid to suppliers of merchandise [LO21-3, 21-6] Shown below in T-account format are the beginning and ending balances ( $ in millions) of both inventory and accounts payable. Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost o goods sold was $360 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Complete this question by entering your answers in the tabs below. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period t cost of goods sold was $360 million. Note: Enter your answer in miltions rounded to 1 decimal place (1.e., 5,500,000 shouid be entered as 5.5 ). Complete this question by entering your answers in the tabs below. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting periad. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (1.e., 5,500,000 should be entered as 5.5). Journal entry worksheet Record the net effect of merchandise purchases during the reporting period. Notel Enter debits before credits