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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, 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.

estion 3 #pa On September 1. Global Company factored $800,000 of accounts receivable with Marks Financing on a without recourse basis Under the rangement, Macks Fining 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 fact and red and also 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 sound try send as Global company's book on September 1. For the toolbar, press ALT F10 (PC) or ALT-EN-F10 (Mac) B IUS Paragraph Arial 12 10pt I XO and estion 3 On September 1, Global Company factored $500,000 of accounts recervable with Marks Financing on a without recourse basis. Under the wa collections, handle the sales discounts, and absorb the credit losses. Marks Financing assessed a finance charge of os of the total accounts of the total receivables to cover sales discounts able facted and ap 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 with recourse basis. Prepare the penaltynt on Global company's book on September 1 For the toolber, press ALT-F10 (PC) or ALT-10Ma I XOQ 41F8 E And 100 BIVS Paragraph Mbeyade the