Moving to another question will save this response Question 11 11 12 On September 1, Global Company factored $800,000 of accounts receivable with Marks Financing on a without recourse basis. Under the agent Marko Fing was to make the land the sales discounts, and absorb the credit losses Marks Financing assessed a finance charge of 6% of the total accounts receivable factored and retained an an equal to 3% of the tall sales discounts Required: a. Prepare the journal entry required on Marks Financing on September b. Assume Global Company factors the $800,000 of accounts receivable with Marks Financing on a with recourse basis. Pope the jmal nutty pint on Global company's bok September 1. For the toolbar, press ALT+F10 (PC) or ALT FN-F10 (Mac BIYS Paragraph 100 A 7 Question 11 On September 1, Global Company factored $800,000 of accounts receivable with Marks Financing on a without recourse basis. Under the arra the sales discounts, and absorb the credit losses. Marks Financing assessed a finance charge of 6% of the total accounts receivable factored and re sales discounts. Required: a. Prepare the journal entry required on Marks Financing on September 1. b. Assume Global Company factors the $800,000 of accounts receivable with Marks Financing on a with recourse basis. Prepare September 1. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt Ix 8 points Saved ng on a without recourse basis. Under the arrangement, Marks Financing was to make the collections, handle 6% of the total accounts receivable factored and retained an amount equal to 3% of the total receivables to cover Financing on a with recourse basis. Prepare the journal entry required on Global company's book on !!! > 7 v Ix a