Question: Telfer Co. uses the gross method to record sales made on credit. On July 1, 2017, it made sales of 74,000 with terms 2/10 n/30.

Telfer Co. uses the gross method to record sales made on credit. On July 1, 2017, it made sales of 74,000 with terms 2/10 n/30. On July 9 2017, Telfer received full payment for the July 1 sale. How would I prepare the required journal entries for Telfer Co.?

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