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Show the journal entries that ott would record for items

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Reference no: EM133104593

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 transactions.

a. NN billed OTT for $855 of advertising services provided this month on account.

b. OTT repaired some of NN's equipment this month, for $210 on account.

c. NN collected $855 cash from OTT for the advertising services provided in (a).

d. NN paid $84 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 $800 cash loan to NN this month with repayment to occur in six months.

Required - Show the journal entries that OTT would record for items (a)-(e).

Reference no: EM133104593

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