artial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 37,000 $ 18,500 Accounts receivable 57,000 87,000 Inventory 23,500 37,000 Liabilities Accounts payable $ 58,500 $ 69,000 Additional information for 2018: Net income was $267,000. Depreciation expense was $27,000. Sales totaled $770,000. Cost of goods sold totaled $302,000. Required: Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2018.
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Partial
| Monaco Company | ||||||
| Partial Balance Sheets | ||||||
| as of December 31 | ||||||
| 2018 | 2017 | |||||
| Assets | ||||||
| Cash | $ | 37,000 | $ | 18,500 | ||
| Accounts receivable | 57,000 | 87,000 | ||||
| Inventory | 23,500 | 37,000 | ||||
| Liabilities | ||||||
| Accounts payable | $ | 58,500 | $ | 69,000 | ||
Additional information for 2018:
Net income was $267,000.
Depreciation expense was $27,000.
Sales totaled $770,000.
Cost of goods sold totaled $302,000.
Required:
Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2018.
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