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 discounts, and absorb 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 receivables to cover sales discounts Required: a. Prepare the journal entry required on Marks Financing on September 1. b. Assume Global Company factors the $1,000,000 of accounts receivable with Marks Financing on a with recourse basis. Prepare the journal entry required on Global company's book on September 1