Moving to another question will save this response. Question 1 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 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 sequ For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) 13 E XOQ I 10pt M Arial BIUS Paragraph Moving to another question will save this response. ag on a without recourse basis. Under the arrangement, Marks Financing was to make the collections, handle the sales disc, and mount equal to 2% of the total receivables to cover sales discounts. cing on a with recourse basis. Prepare the journal entry required on Global company's book on September 1 A AI XQ5 XX, 1 Question 1 of 12 8 points basis Under the arrangement, Marks Financing was to make the collections, handle the sales discounts, and absorb the credit losses Marks al receivables to cover sales discounts asis. Prepare the journal entry required on Global company's book on September 1 XQ HE X X ST 1 - V *** O WORDS POWERED BY TINY [+ D