For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments related to inventories in order to determine the amount of cash paid to suppliers and explain the change in each account shown. All dollars are in millions. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction event, record "No journal entry required" in the first account field.)
Situation Cost of Goods Sold Inventory Increase (Decrease) Accounts Payable Increase (Decrease) Cash Paid to Suppliers
1 240.0 0 0 240.0
2 240.0 7.5 0 247.5
3 240.0 0 12.1 227.9
4 240.0 7.5 12.1 235.4
5 240.0 (7.5) (12.1) 244.8