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The following events pertain to The Craft Shop, which began operations in October 2012. The company uses the perpetual inventory method.
1) Oct 1 Issues common stock to investors for $15,000
2) Oct 2 Purchased $12,000 of inventory on account with terms 2/10, n/30
3) Oct 3 Sold on account for $18,000 merchandise that had cost $10,000; terms 1/10, n/30
4) Oct 4 Returned defective merchandise with list price of $1,000 from Oct. 2 purchase
5) Oct 5 Paid frieght of $100 on goods sold to customers, FOB destination
6) Oct 10 Paid the amount due on the merchandise purchased Oct. 2
7) Oct 12 Received cash from customers in settlement of Oct 3. Sale
Required:
a. What was the amount of cash that The Craft Shop paid on October 10?
b. What was the amount of cash that The Craft Shop collected on October 12?
c. What was the balance in The Craft Shop's cash account at the end of the day on October 12?
Note : Please provide in an excel format(detailed)
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