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Blossom Distributors is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales. Blossom's local

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Blossom Distributors is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales. Blossom's local banker has indicated that the company cannot increase its borrowing for the foresceable future. Blossore's suppliers are demanding payment for goods acquired within 30 days of the invoice date, but Blossom's customers are slow in paying for their purchases (6090 days). As a result, Blossom has a cash flow problem. Blossom needs $159,400 to cover next Friday's payroll. Its balance of outstanding accounts receivable totals 5837,500 . To alleviate this cash crunch, the company sells $177,800 of its receivables. Record the entry that Blossom would make. (Assume a 2% service charge) (List all debit entries before credit entries. Credit account tities are automatically indented when amount is entered, Do not indent manually. If no entry is required, select 'No Entry' for the account tities and enter O for the amounts

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