The president of Blossom Company asks if you could indicate the impact certain transactions have on the following ratios. Complete the table, indicating whether each transaction will increase, decrease, or have no effect on the specific ratios provided for Blossom Company. Current Ratio Accounts Receivable Turnover (10x) Average Collection Period (36.5 days) Transaction 1. Received $6,000 on cash sale. The cost of the goods sold was $3,120 Decrease No effect No effect 2. Recorded bad debt expense of $600 using allowance method No effect No effect Increase 3. Wrote off a $120 account receivable as uncollectible (Uses allowance method.) No effect Decrease increase 4 Recorded $3,0 sales on account. The cost of the goods sold was $1.800 ncrease ncrease ncrease