Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 43,000 $ 21,500 Accounts receivable 63,000 93,000 Inventory 26,500 43,000 Liabilities Accounts payable $ 61,500 $ 75,000 Additional information for 2018: Net income was $273,000. Depreciation expense was $33,000. Sales totaled $830,000. Cost of goods sold totaled $308,000. Required: Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Home » Business » Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 43,000 $ 21,500 Accounts receivable 63,000 93,000 Inventory 26,500 43,000