Shown below In T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. Beginning balance Ending balance Inventory 100.0 18410 Accounts Payable 28. Beginning balance 31.4 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 $260 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 i Required 2 Use a Taccount analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $260 million, Enter your answer in millions rounded to 1 decimal place (n. 5.500.000 should be entered 3 5.5 Cash paid to suppliers S 2920 milion 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 (l... 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 deb before credits Event General Journal Debit Credit Record entry Clear enby View general journal