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 of goods sold was $240 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. period if cost of goods sold was $240 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a summary entry that represents the net effect of mr 7urchases during the reporting period. Note: If no entry is required for a transaction/event, select: try required" In the first account field. Enter your answers in millions rounded to 1 decirnal place (lie., 5,500,0L de entered as 5.5)