Problem 2-11 Cash versus accrual accounting (LO2-8] Selected balance sheet information for the Wolf Company at November 30, and December 31, 2018, is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit. Accounts receivable Prepaid insurance Inventory Accounts payable Salaries and wages payable Nov. 30 Debits Credits 9,200 4,200 6,200 11,200 4,200 Dec. 31 Debits Credits 2,200 6,700 5,200 14, 200 2,200 The following cash flow information also is available: a. Cash collected from credit customers, $72,000. b. Cash paid for insurance, $4,200. C. Cash paid to suppliers of inventory, $52,000 (the entire accounts payable amounts relate to inventory purchases). d. Cash paid to employees for salaries and wages, $9,200. 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. 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 Determine the following for the month of December: a. Sales revenue b. Cost of goods sold c. Insurance expense d. Salaries and wages expense View transaction list Journal entry worksheet Record the sales for the month of December. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet