23 Mar The Walla Walla Wine Company, a wholesaler of Wash
The Walla Walla Wine Company, a wholesaler of Washington state wines, sells on credit terms of 2/10, n/30. It uses the gross method for cash discounts. Consider the following transactions: June 9 Sales on credit to Westlake Wine Mercantile, $40,000. June 11 Sales on credit to Marty’s Liquors, $15,000. June 18 Collected from Westlake Wine Mercantile. June 26 Accepted the return of six cases from Marty’s Liquors, $1,000. July 10 Collected from Marty’s Liquors. July 12 Westlake Wine Mercantile returned some defective wine that it had acquired on June 9 for $100. Walla Walla issued a cash refund immediately. Prepare journal entries for these transactions. Omit explanations. Assume the full appropriate amounts were exchanged.
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