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 l inventory system and all sales to customers are made on credit Debits receivable 5 5, 200 7,200 7,70e 6, 200 12,280 5,280 15,280 3,280 The following cash flow information also is available a. Cash collected from credit customers, $82,000 b. Cash paid for insurance. $5.200. e Ca sn pad to supp es of nventory. S62 000 the entire accounts payable amounts relate to inventory purchases). d Cash paid to employees for salaries and wages, $10.200 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