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Selected balance sheet information for the Wolf Company at November 3 0 , and December 3 1 , 2 0 2 4 , is presented
Selected balance sheet information for the Wolf Company at November and December is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit.
November December
Debits Credits Debits Credits
Accounts receivable
Prepaid insurance
Inventory
Accounts payable
Salaries payable
The following cash flow information also is available:
Cash collected from credit customers, $
Cash paid for insurance, $
Cash paid to suppliers of inventory, $the entire accounts payable amounts relate to inventory purchases
Cash paid to employees for salaries, $
Required:
Determine the following for the month of December:
Prepare summary journal entries to record the months sales and cost of those sales.
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