Partial balance sheets and additional Information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 Assets Cash Accounts receivable Inventory Liabilities Accounts payable 2024 2023 $ 47,000 67,000 28,500 $ 23,500 97,000 47,000 $ 63,500 $ 79,000 Additional Information for 2024: Net Income was $277,000. Depreciation expense was $37,000. Sales totaled $870,000. Cost of goods sold totaled $312,000. Required: Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2024. Note: 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 2024. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal >