Question: Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2024 2023 Assets Cash

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

Monaco Company
Partial Balance Sheets
as of December 31
2024 2023
Assets
Cash $ 41,000 $ 20,500
Accounts receivable 61,000 91,000
Inventory 25,500 41,000
Liabilities
Accounts payable $ 60,500 $ 73,000

Additional information for 2024:

Net income was $271,000.

Depreciation expense was $31,000.

Sales totaled $810,000.

Cost of goods sold totaled $306,000.

Required:

Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2024.

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