8 Problem 2-11 (Algo) Cash versus accrual accounting (LO2-9] 25 paints Selected balance sheet information for the Wolf Company at November 30, and December 31, 2021, is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit eBook Dec. 31 Debits Credits 3,500 Print Nov. 30 Debits Credits 10,500 5,500 7,500 12,500 5,500 Accounts receivable Prepaid insurance Inventory Accounts payable Salaries payable 8,000 6,500 References 15,500 3,500 The following cash flow information also is available: a. Cash collected from credit customers, $85,000. b. Cash paid for insurance, $5,500. C. Cash paid to suppliers of inventory $65,000 (the entire accounts payable amounts relate to inventory purchases). d. Cash paid to employees for salaries, $10,500. Required: 1. Determine the following for the month of December: 2. Prepare summary journal entries to record the month's sales and cost of those sales. Complete this question by entering your answers in the tabs below. VII y In 8 a. Lasn paid to employees for salaries, $10,500, Required: 1. Determine the following for the month of December: 2. Prepare summary journal entries to record the month's sales and cost of those sales. 25 paints Complete this question by entering your answers in the tabs below. eBook Print Required 1 Required 2 References Determine the following for the month of December: a. Sales revenue b. Cost of goods sold c. Insurance expense d. Salaries expense Required 1 Required 2 > 8 View transaction list 25 points Journal entry worksheet 1. 2 > eBook Record the sales for the month of December Print References Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal eBook Record the cost of sales for the month of December. Print References Note: Enter debits before credits General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal