Telfer Co. uses the gross method to record sales made on credit.
On July 1, 2014, Telfer and its customer agreed to the details for
sales of $75,000 with terms 2/10 n/30. On July 2, 2014, Telfer
shipped the goods to its customers. On July 7, 2014, the customer
received the goods from Telfer. On July 9, 2014, Telfer received
$41,500 of the A/R from the July 1 sale. On July 25, 2014, Telfer
received the balance from the customer....