Question 2 of 12 8 points Save Amer Question 2 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. For the toolbar, press ALT+F10 (PC) or ALT-FN-F10 (Mac) BIUS Paragraph *** Arial 10pt Av I. XOQ O WORDS POWERED IN TO I hp