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.

The following cash flow information also is available:

1. Cash collected from credit customers, $76,000.
2. Cash paid for insurance, $4,600.
3. Cash paid to suppliers of inventory, $56,000 (the entire accounts payable amounts relate to inventory purchases).
4. Cash paid to employees for salaries, $9,600.

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.

1 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. 10 points Accounts receivable Prepaid insurance Inventory Accounts payable Salaries payable Nov. 30 Debits Credits 9,600 4,600 6,600 11,600 4,600 Dec. 31 Debits Credits 2,600 7,100 5,600 14,600 2,600 eBook Print The following cash flow information also is available: a. Cash collected from credit customers, $76,000. b. Cash paid for insurance, $4,600. c. Cash paid to suppliers of inventory, $56,000 (the entire accounts payable amounts relate to inventory purchases). d. Cash paid to employees for salaries, $9,600. References 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 Prepare summary journal entries to record the month's sales and cost of those sales. (If no entry is required for a particular event, select I'No journal entry required" in the first account field.) View transaction list Journal entry worksheet