8 Chez Fred Bakery estimates the allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2021. Chez Fred's credit sales and collections were $125,000 and $134,000, respectively. What was the balance of accounts receivable on January 1, 2021, if $120 in accounts receivable were written off during 2021 and if the allowance account had a balance of $510 on December 31, 2021? 15 points 8:30 Multiple Choice Skipped Book O $34,000 References O $300 O $34620 O None of these answer choices are correct