(Please provide an explanation so I can learn from this!!)

Green Company factored $800,000 of accounts receivable, with recourse, with London Financing on 3/1/23. The finance charge is 3%, and 5% was retained to cover sales discounts, sales returns, and sales allowances. Green estimates the bad debts at 2.5% of sales. What journal entry will Green make on 3/1/23 to record the factoring