Accounts receivable 9,800 2,800 Prepaid insurance 4,800 7,300 Inventory 6,800 5,800 Accounts payable 11,800 14,800 Salaries payable 4,800 2,800 The following cash flow information also is available: Cash collected from credit customers, $78,000. Cash paid for insurance, $4,800. Cash paid to suppliers of inventory, $58,000 (the entire accounts payable amounts relate to inventory purchases). Cash paid to employees for salaries, $9,800. 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.