on December 31, 2022 a company's accounts receivable balance was $440,000. during the year the company recorded credit sales of $770,000 and cash collections of $820,000. In addition, the company wrote off $16,000 of accounts as uncollectible and reinstated an accounts receivable that was previously written off that totaled $3,000. The company uses the allowance method to account for its receivables. determine the balance in the accounts receivable account on January 1, 2022_

answer options:

$406,000

$471,000

$506,000

$503,000

$374,000