Question 8 On September 1, Global Company factored $1,000,000 of accounts receivable with Marks Financing make the collections, handle the sales discounts, and absorb the credit losses Marks Financing and a finance charge of % of the tal amount equal to 2% of the total receivables to cover sales discounts without recourse basis Une the et Maks Required: a. Prepare the journal entry required on Marks Financing on September 1. b. Assume Global Company factors the $1,000,000 of accounts receivable with Marks Financing on with recourse basis per the Global company's book on September 1. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mack TH -- XQ50 4 2-4 AV 4 V 10pt Paragraph Arial BIUS Moving to another question will save the response Question a points On September 1, Global Company factored $1,000,000 of accounts receivable with Marks Financing on a without recourse basis Under the angement, Marks Financing make the collections, handle the sales discounts, and absorb the credit losses Marks Financing assessed a finance charge of 4% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts. Required: a. Prepare the journal entry required on Marks Financing on September 1. D. Assume Global Company factors the $1,000,000 of accounts receivable with Marks Financing on a with recourse basis Prepare the journal entry repared on Global company's book on September 1 For the toolbar, press ALT+F10 (PC) or ALT+FN+F 10 (Mac) BIUS Paragraph Arial V 10pt V E A2 L XQ5 *** SWORDS POWERED BY