On September $1,$ Blossom Motors sells $$640,000$ of its receivables to Factors Incorporated. Factors Incorporated assess a service charge of $3\%$ of the amount of receivables sold.

Prepare the entry on Blossom Motors' books to record the sale of the receivables. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$