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. November 30 December 31 Debits Credits Debits Credits Accounts receivable 10,300 3,300 Prepaid insurance 5,300 7,800 Inventory 7,300 6,300 Accounts payable 12,300 15,300 Salaries payable 5,300 3,300 The following cash flow information also is available: Cash collected from credit customers, $83,000. Cash paid for insurance, $5,300. Cash paid to suppliers of inventory, $63,000 (the entire accounts payable amounts relate to inventory purchases). Cash paid to employees for salaries, $10,300. Required: Determine the following for th

Selected balance sheet information for the Wolf Company at November 30 , and December 31,2024 , is resented below. The company uses the perpetual inventory system and all sales to customers are made on credit. The following cash flow information also is available: a. Cash collected from credit customers, $83,000. o. Cash paid for insurance, $5,300. c. Cash paid to suppliers of inventory, $63,000 (the entire accounts payable amounts relate to inventory purchases). d. Cash paid to employees for salaries, $10,300. 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. Determine the following for the month of December: Prepare summary journal entries to record the month's sales and cost of those sales. Note: If no entry is required for a event, select "No journal entry required" in the first account field