Recognition of Account Receivable Telfer Co. uses the gross method to record sales made on credit. On July 1, it made sales of $75,000 with terms 2/10 n/30. On July 9, Telfer received full payment for the July 1 sale. Prepare the required journal entries for Telfer Co. What would the entries be if Telfar Co. used the net method? Continue assuming that Telfar Co. used the net method. What the entry be if Telfar receive full payment on July 11 instead of July 9