Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Practices In Local Governments An International Comparison

Authors: Laurence Ferry, Pasquale Ruggiero

1st Edition

180117086X, 978-1801170864

More Books

Students also viewed these Accounting questions

Question

Develop a program for effectively managing diversity. page 303

Answered: 1 week ago

Question

List the common methods used in selecting human resources. page 239

Answered: 1 week ago