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 month