Question 1 8 points 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 discount Required: a Prepare the journal entry required on Marks Financing on September L DA Global Company factors the $800,000 of accounts receivable with Marks Financing ons with recourse basis. Prepare the journal entry required on Global company's book on September 1 for the lar ATM