Moving to another question will save this response. uestion 3 Question 3 of 12 B points Saw Man 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) BI US Paragraph Arial XX, v 10pt AV BB - E