See attached question. Please answer using Excel

Required: Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2016.

Partial balance sheets and additional information are listed below for Monaco
Company.
Monaco Company Partial Balance Sheets as of December 31
Assets 2016 2015
Cash $ 40,000 $ 20,000
Accounts receivable 60,000 90,000
Inventory 25,000 40,000
Liabilities
Accounts payable $ 60,000 $ 72,000

Additional information for 2016:
Net income was $270,000.
Depreciation expense was $30,000.
Sales totaled $800,000.
Cost of goods sold totaled $305,000.
Required: Prepare the summary entry for the amount of cash paid to
merchandise suppliers during 2016.

Assets
CASH
AR
Inventory
Liabilities
Accounts payable

2016
40,000
60,000
25,000

2015
20,000
90,000
40,000

60,000

72,000