Question: Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 Assets 2016 2015 Cash
| Partial balance sheets and additional information are listed below for Monaco Company. |
| Monaco Company | ||||||
| Partial Balance Sheets | ||||||
| as of December 31 | ||||||
| Assets | 2016 | 2015 | ||||
| Cash | $ | 36,000 | $ | 18,000 | ||
| Accounts receivable | 56,000 | 86,000 | ||||
| Inventory | 23,000 | 36,000 | ||||
| Liabilities | ||||||
| Accounts payable | $ | 58,000 | $ | 68,000 | ||
| Additional information for 2016: |
| Net income was $266,000. |
| Depreciation expense was $26,000. |
| Sales totaled $760,000. |
| Cost of goods sold totaled $301,000. |
Required:
| Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2016. |
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