On September 1, Global Company factored $800,000 of accounts receivable with Marks Financing on a without recourse basis. Under the agement, Marka Fu make the collections, handle the sales discounts, and absorb the credia loses Marks Financing assessed a finance charge of 6% of the total accounts receivable factored and ad 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 $500,000 of accounts receivable with Marks Financing on a with recourse basis Prepare the journal ery ropied on Global company's book on September 1.