. TEW 4:05 PM Chapter 8 Activity 3.docx factoring of ABC's receivables. 5. A. Smith paid XYZ Company $850.00. Prepare the necessary journal entries. 6. Taylor Inc. has $450,000 in Accounts Receivables. Their credit sales totaled $2,250,000. They estimate that 1.75% of their credit sales will be uncollectible. . Prepare the journal entry to record the estimated uncollectible receivables b. What are Net Realizable Receivables (How much of the total receivables does Taylor, Inc. expect to collect)? 7. Below is an aging of receivables report. We use the report to calculate and then record estimated uncollectable amounts. Aging of Receivables Report $375,000 $225,000 $75,000 $45.000 Amount of Receivable $25,000 Days Owed Percent Unte 0-30 1.5% 4.596 61-90 91-120 Over 120 10.5% 15.75% 20% Am Uncle Total Estimated celle b) . Calculate amount uncollectible for each amount of receivables Calculate the total estimated uncollectible amount Journalize the uncollectible amount Date Accounts Ref Debit Credit d. Calculate the Net Realizable Receivables and show how it would appear in the balance sheet. **Total Accounts Receivable - Allowance for Doubtful Accounts