One of the customer accounts from the accounts receivable ledger for Rogers Flooring is shown below. Explain each of the entries that have been posted to this customer's subsidiary ledger account. (No explanation is needed for the beginning balance.)Montmarte CompanyDATEEXPLANATIONP.R.DEBITCREDITBALANCE2019????? Sept. 1Balance???10,500 8CM 406J8?50010,000 10Sales Slip 1001J8250?10,250 16Cash receiptJ9?6,2504,000
What will be an ideal response?
Sept. 8 - Sales return or allowance in the amount of $500 issued using CM 406.
Sept. 10 - Sold merchandise in the amount of $250 on credit using sales slip 1001.
Sept. 16 - Collected $6,250 of cash on account.
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