Monaco Company Partial Balance Sheets as of December 31 2021 2020 Assets Cash $ 45,000 $ 22,500 Accounts receivable 65,000 95,000 Inventory 27,500 45,000 Liabilities Accounts payable $62,500 $77,000 Additional information for 2021: Net income was $275,000. Depreciation expense was $35,000. Sales totaled $850,000. Cost of goods sold totaled $310,000. 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 Record the entry for the amount of cash paid to merchandise suppliers during 2021