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Crell Computers categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. Accounts not yet due = $60,000; estimated uncollectible = 5%. Accounts 1-30 days past due = $15,000; estimated uncollectible = 10%. Accounts 31-60 days past due = $10,000; estimated uncollectible = 20%. Accounts more than 60 days past due = $5,000; estimated uncollectible = 30%.
Problem 1: What should be the balance in Crell's allowance for uncollectible accounts?
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