Problem 2-11 (Algo) Cash versus accrual accounting [LO2-9) 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. Credits Accounts receivable Prepaid insurance Inventory Accounts payable Salaries payable Nov. 30 Debits Credits 9,900 4,900 6,900 11,900 Dec. 31 Debits 2,900 7,400 5,900 14,900 2,900 4,900 The following cash flow information also is available: a. Cash collected from credit customers, $79,000. b. Cash paid for insurance, $4,900. c. Cash paid to suppliers of inventory, $59,000 (the entire accounts payable amounts relate to inventory purchases). d. Cash paid to employees for salaries, $9,900. 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. Required 1 Required 2 Prepare summary journal entries to record the month's sales and cost of those sales. (If no entry is required for a particular event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the cost of sales for the month of December. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal