TB MC Qu. 7-71 (Algo) Chez Fred Bakery estimates the allowance for uncollectible... Chez Fred Bakery estimates the allowance for uncollectible accounts at 2% of the ending balance of accounts receivable. During 2024, Chez Fred's credit sales and collections were $119,000 and $132,000, respectively. What was the balance of accounts receivable on January 1, 2024, if $140 in accounts receivable were written off during 2024 and if the allowance account had a balance of $1,050 on December 31, 2024? Multiple Choice $32,000 $400 $65,640 None of these answer choices are correct.