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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. a. NN billed OTT for $910 of advertising services provided this month on account. b. OTT repaired some of NN's equipment this month, for $184 on account. c. NN collected $910 cash from OTT for the advertising services provided in (a). d. NN paid \$78 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 $2,100 cash loan to NN this month with repayment to occur in six months. Note: News Now (NN) records advertising revenue in the Advertising Revenue account. Required: 1. Show the journal entries that OTT would record for items (a)-(e). 2. Show the journal entries that NN would record for items (a)-(e). Complete this question by entering your answers in the tabs below. Show the journal entries that OTT would record for items (a)-(e). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet
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