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 145.0 148.7 Accounts Payable 46.0 Beginning balance 51.2 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 $350 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period Cash paid to suppliers million 1 Record the net effect of merchandise purchases during the reporting period Note: Enter debits before credits. Event General Journal Debit Credit 1