Question 3 Partially correct Mark 6.12 out of 8.00 Flag question Inferring Transactions from Financial Statements (FSET) Mendoza Mercado (Mendoza) is a small retailer in Mexico. For the fiscal year ended December 31, 20X2, Mendoza purchased merchandise inventory costing 7,160,034 thousand Mexican pesos. Assume that all purchases were made on account. The following T-accounts reflect information contained in the company's 20X2 and 20X1 balance sheets in thousands of Mexican pesos. Inventories (A) 20X1 Bal. 1,653,858 20X2 Bal. 1,867,234 Suppliers (Accounts Payable) (L) 1,895,545 20X1 Bal. 1,813,619 20X2 Bal. a. Prepare the entries to record Mendoza's purchases and cost of goods sold for the 20X2 fiscal year using the financial statement effects template. Balance Sheet Income Statement Cash Transaction Asset + Noncash Assets Record purchases 0 Record cost of goods sold 0 7,160,034 6,946,658 x Liabilities + 7,160,034 0 Contributed Capital 0 + Earned Capital 0 Revenues Expenses Net Income 0 0 x 0 0 0 0 6,946,658 6,946,658 x b. What amount did Mendoza pay in cash to its suppliers for the 20X2 fiscal year? Assume that Accounts Payable is affected only by transactions related to inventory. 241,960 x pesos Check