QUESTION 6 Use the following information to answer the next 5 questions: On December 31,2017 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 S16,000 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, 2017 OA. S406,000 B. $471,000 S506,000 D.$503,000 $374,000 O E. QUESTION 7 Assume the beginning balance on January 1, 2017 in the Allowance for Doubtful Accounts is $15,000 If an aging schedule shows S30,000 to be uncollectible, then the adjusting entry on December 31, 2017 to record bad debts for the period would include a credit to Accounts Receivable for $16,000 B. a credit to Allowance for Doubtful Accounts for S38,000 a debit to Bad Debt Expense for S2,000 a debit to Bad Debt Expense for S15,000 a credit to Allowance for Doubtful Accounts for S2 8,000