0036-07 Chez Fred Bakery estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2024, Chez Fred's credit sales and collections were $119,000 and $137,000, respectively. What was the balance of accounts receivable on January 1, 2024, if $240 in accounts receivable were written off during 2024 and if the allowance account had a balance of $480 on December 31, 2024? Multiple Choice $37000 $34240 $700 None of these answer choices a correct