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	$	38,000		$	19,000
Accounts receivable		58,000			88,000
Inventory		24,000			38,000
Liabilities
Accounts payable	$	59,000		$	70,000

Additional information for 2016:

Net income was $268,000.

Depreciation expense was $28,000.

Sales totaled $780,000.

Cost of goods sold totaled $303,000.

Required:

Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)