{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T08:20:03-04:00", "answer_date": "2024-06-28 08:20:03", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4272537", "url": "\/study-help\/questions\/selected-balance-sheet-information-for-the-wolf-company-at-november-4272537", "question_creation_date_js": "2024-06-28T08:20:03-04:00", "question_creation_date": "Jun 28, 2024 08:20 AM", "meta_title": "[Solved] Selected balance sheet information for th | SolutionInn", "meta_description": "Answer of - Selected balance sheet information for the Wolf Company at November 30, and December 31, 2013, is presented below. The | SolutionInn", "meta_keywords": "selected,balance,sheet,information,wolf,company,november,30,december,31,2013,presented", "question_title_h1": "Selected balance sheet information for the Wolf Company at November 30, and December 31, 2013, is presented below. The company uses the perpetual inventory system", "question_title": "Selected balance sheet information for the Wolf Company at November 30, and", "question_title_for_js_snippet": "Selected balance sheet information for the Wolf Company at November 30, and December 31, 2013, is presented below The company uses the perpetual inventory system and all sales to customers are made on credit Nov 30 Dec 31 Dr Cr Dr Cr Accounts receivable 9,300 2,300 Prepaid insurance 4,300 6,800 Inventory 6,300 5,300 Accounts payable 11,300 14,300 Wages payable 4,300 2,300 The following cash flow information also is available a Cash collected from credit customers, $73,000 b Cash paid for insurance, $4,300 c Cash paid to suppliers of inventory, $53,000 (the entire accounts payable amounts relate to inventory purchases) d Cash paid to employees for wages, $9,300 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 (If no entry is required for a particular event, select No journal entry required in the first account field )", "question_description": "

Selected balance sheet information for the Wolf Company at November 30, and December 31, 2013, is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit.<\/p> <\/td><\/tr><\/tbody><\/table>

<\/p>
Nov. 30<\/td> Dec. 31<\/td> <\/tr>
<\/td><\/tr>
Dr.<\/td> Cr.<\/td> Dr.<\/td> Cr.<\/td> <\/tr>
Accounts receivable<\/td> 9,300<\/td> 2,300<\/td> <\/tr>
Prepaid insurance<\/td> 4,300<\/td> 6,800<\/td> <\/tr>
Inventory<\/td> 6,300<\/td> 5,300<\/td> <\/tr>
Accounts payable<\/td> 11,300<\/td> 14,300<\/td> <\/tr>
Wages payable<\/td> 4,300<\/td> 2,300<\/td> <\/tr> <\/tbody><\/table>

<\/p>
The following cash flow information also is available:<\/td><\/tr><\/tbody><\/table>
a.<\/td> Cash collected from credit customers, $73,000.<\/td> <\/tr>
b.<\/td> Cash paid for insurance, $4,300.<\/td> <\/tr>
c.<\/td>

Cash paid to suppliers of inventory, $53,000 (the entire accounts payable amounts relate to inventory purchases).<\/p> <\/td> <\/tr>

d.<\/td> Cash paid to employees for wages, $9,300.<\/td> <\/tr> <\/tbody><\/table>
Required:<\/strong><\/td><\/tr><\/tbody><\/table>
1.<\/strong><\/td> Determine the following for the month of December:<\/td> <\/tr><\/tbody><\/table>

<\/p>
2.<\/strong><\/td>

Prepare summary journal entries to record the months sales and cost of those sales.(If no entry is required for a particular event, select \"No journal entry required\" in the first account field.)<\/strong><\/p><\/td> <\/tr><\/tbody><\/table>", "transcribed_text": "", "related_book": { "title": "Data Analysis And Decision Making", "isbn": "538476125, 978-0538476126", "edition": "4th Edition", "authors": "Christian Albright, Wayne Winston, Christopher Zappe", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/415.jpg", "uri": "\/textbooks\/data-analysis-and-decision-making-4th-edition-415", "see_more_uri": "" }, "free_related_book": { "isbn": "112097674X", "uri": "\/textbooks\/the-broad-top-coal-field-of-huntingdon-bedford-and-fulton-counties-1st-edition-978-1120976741-296150", "name": "The Broad Top Coal Field Of Huntingdon Bedford And Fulton Counties", "edition": "1st Edition" }, "question_posted": "2024-06-28 08:20:03", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/a-firm-is-faced-with-the-attractive-situation-in-which", "description": "A firm is faced with the attractive situation in which it can obtain immediate delivery of an item it stocks for retail sale. 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