Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 Assets 2016 2015 Cash $ 31,000 $ 15,500 Accounts receivable 51,000 81,000 Inventory 20,500 31,000 Liabilities Accounts payable $ 55,500 $ 63,000 Additional information for 2016: Net income was $261,000. Depreciation expense was $21,000. Sales totaled $710,000. Cost of goods sold totaled $296,000. Required: Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first acc