shown below in t-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. inventory beginning balance 90 ending balance 93 accounts payable 14 beginning balance 16 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 $300 million. 2. prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.