estion 11 8 points Save Arnet On September 1, Global Company factored $1,000,000 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 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. b. Assume Global Company factors the $1,000,000 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). *** AV 2 I. X BIUS V Arial: Paragraph N 10pt OWORDS POWERED BY TINY P HIE