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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 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 $630 of advertising services provided this month on account. b. OTT repaired some of NN's equipment this month, for $182 on account. c. NN collected $630 cash from OTT for the advertising services provided in (a) d. NN paid $81 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 $1,800 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 4 NN billed OTT for $630 of advertising services provided this month on account. Record the transaction Note: Enter debits before credits Transaction General Journal Debit Credit Advertising Expense Record entry Clear entry View general journal
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