On September 1 , Global Company factored $ 800,000 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 6 of the total accounts receivable factored and retained an amount equal to 3 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 $ 800,000 of accounts receivable with Marks Financing on a with recourse basis Prepare the journal entry required on Global company's book on September 1 Question 6 a points Save A On September 1, Global Company factored $800,000 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 6 of the total accounts receivable factored and retained an amount equal to 3 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 $800,000 of accounts receivable with Marks Financing on a with recourse basis Prepare the journal entry required on Global company's book on September 1

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On September 1 , Global Company factored $ 800,000 of accounts receivable with Marks Financing on a without recourse basis . Under the arrangement ,

On September 1 , Global Company factored $ 800,000 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 6 % of the total accounts receivable factored and retained an amount equal to 3 % 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 $ 800,000 of accounts receivable with Marks Financing on a with recourse basis . Prepare the journal entry required on Global company's book on September 1 . image text in transcribed

Question 6 a points Save A On September 1, Global Company factored $800,000 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 6% of the total accounts receivable factored and retained an amount equal to 3% 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 $800,000 of accounts receivable with Marks Financing on a with recourse basis. Prepare the journal entry required on Global company's book on September 1