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Prepare the summary entries necessary to determine the amount of cash paid to suppliers for each of the four independent situations below.
Situation Cost of goods sold Inventory Increase (Decrease) Account payable Increase (Decrease) Cash paid to suppliers 1 $ 360,000 $ 5,600 $ 0 2 360,000 0 6,600 3 80,000 5,600 6,600 4 80,000 (5,600 ) (6,600 )
Determine the amount of cash paid to suppliers for each of the four independent situations below.
Prepare the summary entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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