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.)

Net Purchases = Cost of goods sold - Decrease in Inventory

                        = $308,000 - $16,500

                        = $291,500

Cash paid to Suppliers = Net Purchases + Decrease in accounts Payable

                                      = $291,500 + $13,500

                                      = $305,000

The summary entry is as follows:

Merchandise Inventory A/c Dr. $291,500

Accounts payable A/c          Dr. $13,500

To cash                                                              $305,000

(To record the amount of cash paid to merchandise suppliers during 2018)

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