Saved Selected balance sheet information for the Wolf Company at November 30, and December 31, 2018, is uses the perpetual inventory system and all sales to customers are made on credit Nov.30 Debits Credits Dec. 31 Debits Credits Accounts receivable Prepaid insurance Inventory Accounts payable Salaries and wages payable 10,500 5,500 7,500 3,500 8,000 6,500 12,500 5,500 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 purc d. Cash paid to employees for salaries and wages, $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 Required 1 Required 2 Determine the following for the month of December