Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable.

InventoryDebitCreditBeginning balance95.0 Ending balance98.5

Accounts PayableDebitCredit 26.0Beginning balance 29.2Ending 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 $250 million.
2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.

a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost joods sold was $250 million. : Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Complete this question by entering your answers in the tabs below. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Journal entry worksheet Record the net effect of merchandise purchases during the reporting period. Note: Enter debits before credits