Partial Balance Sheets and Additional Information Are Listed Below for Monaco

Essay

Partial balance sheets and additional information are listed below for Monaco Company.

Additional information for 2016:
Net income was $270,000.
Depreciation expense was $30,000.
Sales totaled $800,000.
Cost of goods sold totaled $305,000.
Required:
Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2016.