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 $50,000 $ 25,000 Accounts receivable 70,000 100,000 Inventory 30,000 50,000 Liabilities Accounts payable $65,000 $ 82,000 Additional information for 2021: Net income was $280,000. Depreciation expense was $40,000. Sales totaled $900,000. Cost of goods sold totaled $315,000. 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.) View transaction list Journal entry worksheet 1 Record the entry for the amount of cash paid to merchandise suppliers during 2021. Note: Enter debits before credits