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Prepare the required journal entries for Telfer Co

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Question - 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. Prepare the required journal entries for Telfer Co. Be sure to include alternative journal entries given the potential shipping scenarios.

Reference no: EM132499949

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