Credit sales are 60% of gross sales. The sales on account are typically collected as follows: 10% are collected in the same month of the sale; 70% are collected in the month following the month of sale; 20% are collected in the second month after the sale month. Oct. Nov. Dec. Gross Sales 720,000 698,000 520,000 What is the amount of accounts receivable to be reported on the balance sheet at December 31? $463,320 $680,320 $364.560 None of the choices are correct. $583,320