Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable Inventory 1e5.o 109.5 Endine balance Accounts Payable 30. Brinto balance 33. Ending balance Required 1. Use a Taccount analysis to determine the amount of cash pald to suppliers of merchandise during the reporting period if cost of goods sold was $270 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 ured2 Taccount analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $270 million (Enter your answer in mind rounded to decimal place (5,300,000 should be entered 5.51) Cand suppliers Required 2 > Required 1 Required 2 Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. (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 (e. 5,500,000 should be entered as 5,5).) View transaction list Journal entry worksheet 1 Record the net effect of merchandise purchases during the reporting period. Note: Enter debits before credits Event General Journal Debit Credit 1