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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
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 $49,000 $24,500 Accounts receivable 69,000 99,000 Inventory 29,500 49,000 Liabilities Accounts payable $ 64,500 $81,000 Additional information for 2021: Net income was $279,000. Depreciation expense was $39,000. Sales totaled $890,000. Cost of goods sold totaled $314,000. 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. Event General Journal Debit Credit 1 Record entry Clear entry View general journal
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