Question: Over-the-Top Technologies (OTT) operates a computer repair and web consulting business. News Now (NN) publishes a local newspaper. The two companies entered into the following

 Over-the-Top Technologies (OTT) operates a computer repair and web consulting business.
News Now (NN) publishes a local newspaper. The two companies entered into

Over-the-Top Technologies (OTT) operates a computer repair and web consulting business. News Now (NN) publishes a local newspaper. The two companies entered into the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. NN billed OTT for $805 of advertising services provided this month on account. b. OTT repaired some of NN's equipment this month, for $195 on account. C. NN collected $805 cash from OTT for the advertising services provided in (a). d. NN paid $69 cash to OTT for OTT advertising NN's online newspaper this month on OTT's Website. e. OTT and NN signed a promissory note, documenting OTT's $1,900 cash loan to NN this month with repayment to occur in six months. Required: 1. Show the journal entries that OTT would record for items (a)-e). View transaction list Journal entry worksheet 1 2 3 4 5 NN billed OTT for $805 of advertising services provided this month on account. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal 2. Show the journal entries that NN would record for items (a)-(e). View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!