method.
events pertain to The Craft Shop, which began operations in October. The company uses the perpe
October Issued common stock to investors for $
October Purchased $ of inventory on account with terms
October Sold on account for $ merchandise that had cost $; terms n
October Returned defective merchandise with list price of $ from October purchase
October Paid freight of $ on goods sold to customers, FOB destination
October Paid the amount due on the merchandise purchased October
October Received cash from customer in settlement of October sale
Required:
a What was the amount of cash that The Craft Shop paid on October
b What was the amount of cash that The Craft Shop collected on October
c What was the balance in The Craft Shop's cash account at the end of the day on October
a Amount of cash paid on October
b Amount of cash collected on October
c Balance in cash account at the end of the day on October
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