Bonita Industries is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales. Bonita Industriess local banker has indicated that the company cannot increase its borrowing for the foreseeable future. Bonita Industriess suppliers are demanding payment for goods acquired within 30 days of the invoice date, but Bonita Industriess customers are slow in paying for their purchases (6090 days). As a result, Bonita Industries has a cash flow problem. Bonita Industries needs $154,300 to cover next Fridays payroll. Its balance of outstanding accounts receivable totals $850,600. To alleviate this cash crunch, the company sells $166,600 of its receivables. Record the entry that Bonita Industries would make. (Assume a 2% service charge.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Bonita Industries is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales. Bonita Industries's local banker has indicated that the company cannot increase its borrowing for the foreseeable future. Bonita Industries's suppliers are demanding payment for goods acquired within 30 days of the invoice date, but Bonita Industries's customers are slow in paying for their purchases (60-90 days). As a result, Bonita Industries has a cash flow problem. Bonita Industries needs $154,300 to cover next Friday's payroll. Its balance of outstanding accounts receivable totals $850,600. To alleviate this cash crunch, the company sells $166,600 of its receivables. Record the entry that Bonita Industries would make. (Assume a 2% service charge.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit