Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 30,000 $ 15,000 Accounts

Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 30,000 $ 15,000 Accounts receivable 50,000 80,000 Inventory 20,000 30,000 Liabilities Accounts payable $ 55,000 $ 62,000 Additional information for 2018: Net income was $260,000. Depreciation expense was $20,000. Sales totaled $700,000. Cost of goods sold totaled $295,000. Required: Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2018. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

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