Devs autoparts company-journal entries

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Reference no: EM1357206

On August 31, 2008, Devs Autoparts Company sold $8,000 worth of parts to Metro Repair Company. The terms of the sale were n/90. Devs receivable policy is to start charging interest of 9% (annually) on all balances over 90 days. Interest is accrued monthly.

It is now December 31, 2008, and Metro Repair Company has not paid the outstanding bill. Metro Repair's owners have agreed to sign a 3-month note receivable for the balance owing on their account.

Prepare any journal entries required to be made by Devs Autoparts Company at December 31, 2008.

Reference no: EM1357206

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