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 $35,000 $17,500 Accounts receivable 55,000 85,000 Inventory 22,500 35,000 Liabilities Accounts payable $57,500 $67,000 Additional information for 2018: Net income was $265,000. Depreciation expense was $25,000. Sales totaled $750,000. Cost of goods sold totaled $300,000. 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.)