Shown below in T-account format are the beginning and ending balances ($ in milions) of both inventory and accounts payable Beginning balance Ending balance Inventory 95.0 98.5 Accounts Payable 26.2 Beginning balance 29.2 Ending balance Required: 1. Use a Teaccount analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period it cost of goods sold was $250 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 of no entry is required for a transaction event seet No journal entry racired in that account field, Enter your anser in million rounded to i decima blace 5.800.000 should be entered as 3.5 Viranost Womaly work Debit NO Credit Event General Journal No Tians on Pococe Ending balance 98.5 Accounts Payable 26.0 Beginning balance 29.2 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 goods sold was $250 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 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 s250 million. (Enter your answer in millions rounded to 1 decimal place (i... 5.500.000 should be entered as 5.5).) hs Cash paid to suppliers million Required 2 > comprere questo y entering your answers in the Laos perow. Required 1 Required 2 Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. (If ne entry is required for transaction/evente select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (he. 5.500.000 should be entered as 5.5).) View transaction list View journal entry worksheet X Debit Credit Record the net effect of merchandise purchases during the reporting period