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.

		Nov. 30								Dec. 31
		Debits				Credits				Debits				Credits
Accounts receivable		10,100								3,100
Prepaid insurance		5,100								7,600
Inventory		7,100								6,100
Accounts payable						12,100								15,100
Salaries payable						5,100								3,100

The following cash flow information also is available:

1. Cash collected from credit customers, $81,000.
2. Cash paid for insurance, $5,100.
3. Cash paid to suppliers of inventory, $61,000 (the entire accounts payable amounts relate to inventory purchases).
4. Cash paid to employees for salaries, $10,100.

Required:

1. Determine the following for the month of December: 2. Prepare summary journal entries to record the months 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 expense