Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2021 2020 Assets Cash $49,000 $24,500 Accounts receivable 69,000 99,000 Inventory 29,500 49,000 Liabilities Accounts payable $64,500 $81,000 Additional information for 2021: Net income was $279,000. Depreciation expense was $39,000. Sales totaled $890,000. Cost of goods sold totaled $314,000. Required: Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 1 1 Inventory 294,500 Cash (X 278,000 16,500 X Accounts payable *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted