Not sure how you are doing with this but I thought I would add my 3 cents worth for future viewers. Factoring involves the sale of your receivables to a third party who then assumes the duties of collecting the receivables and charges you a fee. At the most basic level then, the journal entry for the sale of the receivables would look like this:
Cash $ 8,000 DB
Factor fee (expense) $ 2,000 DB
Accounts receivable $10,000 CR
However, factoring can involve recourse and non-recourse arrangements, a percentage of cash upfront with the balance paid when all receivables are collected, and invoice buybacks. So if you need more input, please advise.