Blossom Limited sells $240,800 (cost $184,300 ) of brewing tanks on June 1,2023 , to a brewery, Bloom Limited, which is planning to expand its locations. Under the agreement, Bloom asks Blossom to retain these tanks in its warehouses until the new breweries that will house the brewing tanks are ready. Title passes to Bloom at the time the agreement is signed and a cash deposit of $23,100 is paid by Bloom on June 1, 2023. When should Blossom recognize the revenue from this bill-and-hold arrangement? Revenue recognition should be permitted Record the necessary journal entries on June 1, 2023 on the books of Blossom. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)