Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. Inventory 90 Beginning balance Ending balance 93 Accounts Payable 14 Beginning balance Ending balance 16 Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the report- ing period if cost of goods sold was $300 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period