Shown below in T-account format are the beginning and ending balances ( $ in millions) of both inventory and accounts payable. 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 $290 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. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the of goods sold was $290 million. (Enter your answer in millions rounded to 1 decimal place (i.e., 5,500, as 5.5).) Journal entry worksheet Record the net effect of merchandise purchases during the reporting period. Note: Enter debits before credits