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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1

Transcribed Image Text:Answer is not complete.
Complete this question by entering your answers in the tabs below.
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 (i.e., 5,500,000 should be entered as 5.5).)
General Journal
No
1
Event
1
Cost of goods sold
Inventory
Accounts payable
Cash
< Required 1
0.00
Debit
285.0
Credit
281.2 x
38.0 x

Transcribed Image Text:Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable.
Inventory
110.0
115.0
Beginning balance
Ending balance
Accounts Payable
32.0 Beginning balance
35.8 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 $280 million.
2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.
Answer is not complete.
Complete this question by entering your answers in the tabs below.
detal
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
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