On September 1, Global Company factored $1,000,000 of accounts receivable with Marks Financing on a without recourse basis. Under the arrangement, Marks Financing was to make the collections handle the sales discours, and abseels the credit losses. Marks Financing assessed a finance charge of 4% of the total accounts receivable factored and retained an amount equal to 2% of the total receisables to cover sales discounts Reaniced a. Prepare the joonial estry required on Marks Financing on September 1 b. A Global Company factors the $1,000,000 of accounts receivable with Marks Financing with recourse basis. Prepare the journal earry required on Global company's book on September 1. Os Seper 1, Global Company faced $1,000,000 of acous receivable with Marks Fisicing ins without recourse basis Under the agent Maks Fake handle the sales discounts, and abooth the credit losses Maks Financing and a fee sharge of 4s of the les receivable factored and retained as a qual so of the scenes t aver sales docents Reunited Prepare the jual ay ipired co Marks Financing os Sepaber A Global Company factors the $1.000.000 of accounts receivable with Marks Financing with recourse basis Pigus the journal estry regend on Global company's book September 1 For the fouhar tew&f Question 6 points On September 1, Global Compsey factored $1,000,000 of accounts receivable with Marks Financing on without recourse basis Under the arrangement, Markos Fing was to make the collections handle the sales discounts, and ahooch the credit losses. Markis Financing seed a fasce charge of 4% of the seal accos receivable factored and retained an amount equal to 2% of the inal receable to cover sales discounts Regnized Prepare the jounal entry required on Marks Financing on September 1 Assume Global Company factors the $1,000,000 of accounts receivable with Marks Financing with recourse basis Prepare the journal entry required on Global company's book on September 1 For the toolbar, press ALT4F10 (PC or ALT-INF10 (Mac BIVS Paragraph Anal. 10 EEA 2 IXO Q OWN POWERED BY IN
