The following information is available for the Bench Company: Credit sales during 20X2 $ 463,500...
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Accounting
The following information is available for the Bench Company: Credit sales during 20X2 $ 463,500 Allowance for credit losses at December 31, 20X1 3,800 Accounts receivable written off during 20X2 6,400 During 20X2, Bench estimated that its allowance for credit losses should be 1% of all credit sales and made the appropriate monthly adjusting entries. As a result of a review and aging of accounts receivable in early January 20X3, it has been determined that an allowance for credit losses accounts of $3,200 is needed at December 31, 20X3. Required: Prepare the journal entry that Bench should make after the aging is
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