Business, 19.02.2021 16:30 vladisking888

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. Nov. 30 Dec. 31
Debits Credits Debits Credits
Accounts receivable 10,400 3,400
Prepaid insurance 5,400 7,900
Inventory 7,400 6,400
Accounts payable 12,400 15,400
Salaries payable 5,400 3,400

The following cash flow information also is available: Cash collected from credit customers, $84,000. Cash paid for insurance, $5,400. Cash paid to suppliers of inventory, $64,000 (the entire accounts payable amounts relate to inventory purchases). Cash paid to employees for salaries, $10,400.

Required:
Determine the following for the month of December:
a. Prepare summary journal entries to record the monthâ€™s sales and cost of those sales.
b. Determine the following for the month of December:

a. Sales revenue
b. Cost of goods sold
c. Insurance expense
d. Salaries and wages expense

Answers: 2

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Selected balance sheet information for the Wolf Company at November 30, and December 31, 2021, is pr...

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