On September 1, Global Company factored $800,000 of accounts receivable with Marks Financing on 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. Moving to another question will save this response. 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 a. Prepare the journal entry required on Marks Financing on September 1. Question Completion Status: company's book on September 1.

points On September 1, Global Company faced $800,000 of accounts receivable with Marks Financing on without recourse basis Under the ages, Marks Ping was make the collections, handle the sales discounts, and absorb the credit loses Marks Financing and a finance charge of 6% of the total ads able fact and dan 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 teed on Global company's book on September 1 Quebon 1 12 Question t points On September 1, Global Company faced $800,000 of scents receivable with Marks Financing on a without recourse basis. Under the arrangement, Marks Financing was to make the collections handle the sales des, and at the credit hoes Marks Financing assessed a finance chape of 6% of the total accounts receivable factored and retained an amount equal to od dhe dal reables to cover sales discounts Required: Prepare the journal entry repared on Marks Financing on September 1 & Asume Global Company factors the $800,000 of accounts receivable with Marks Financing on a with recourse basis Perpare the journal entry required on Global company's book on September 1 for the toolbar, prest ALT+F 10 (PC) or ALT+FN+F10 (Mac) BIUS Paragraph v Anal v 10pt Y EEVA 2- I XOQ *** DELL PIO