Problem 2-11 (Static) Cash versus accrual accounting [LO2-9] Selected balance sheet Information for the Wolf Company at November 30, and December 31, 2024, Is presented below. The company uses the perpetual Inventory system and all sales to customers are made on credit. The following cash flow information also is avallable: a. Cash collected from credit customers, $80,000. b. Cash paid for Insurance, $5,000. c. Cash pald to suppliers of Inventory, $60,000 (the entire accounts payable amounts relate to Inventory purchases). d. Cash pald to employees for salarles, $10,000. Requlred: 1. Determine the following for the month of December: 2. Prepare summary Journal entrles to record the month's sales and cost of those sales. Complete this question by entering your answers in the tabs below. Determine the following for the month of December