Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. Inventory Beginning balance Ending balance 125.0 126.7 Accounts Payable 38.0 Beginning balance 42.4 Ending balance Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $310 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. Required 1 Required 2 Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. (If no entry is for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to place (i.e., 5,500,000 should be entered as 5.5).) View transaction list View journal entry worksheet No Event General Journal 1 1 Cost of goods sold Inventory Cash Accounts payable < Required 1 Required 2 > Debit Credit 310.0