Partial Balance Sheets and Additional Information Are Listed Below for Monaco

Essay

Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company
Partial Balance Sheets
as of December 31
$\begin{array}{|l|r|r|}\hline \text { Assets } & 2018 & 2017 \\\hline \text { Cash } & \$ 40,000 & \$ 20,000 \\\hline \text { Accounts } & & \\ \text { Invecivable } & 60,000 & 90,000 \\\hline\text { Inventory } & 25,000 & 40,000\\\hline \mathbf { { Liabilities }}\\\hline \text { Accounts } & & \\\text { payable } & \$ 60,000 & \$ 72,000 \\\hline\end{array}$ Additional information for 2018:
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 2018.