Over-the-Top Technologies (OTT) operates a computer repair and web consulting business. News Now (NN) publishes a...

  

Transcribed Image Text:

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 $650 of advertising services provided this month on account. b. OTT repaired some of NN's equipment this month, for $232 on account. c. NN collected $650 cash from OTT for the advertising services provided in (a). d. NN paid $92 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 $2,700 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). 2. Show the journal entries that NN would record for items (a)-(e). Complete this question by entering your answers in the tabs below. Required Required 1 2 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.) View transaction list View journal entry worksheet No Transaction General Journal 1 a V N 2 3 4 b с d Advertising Expense Accounts Payable Accounts Receivable Service Revenue Accounts Payable Cash Cash Advertising Revenue < Required 1 Debit Required 2 > 650 232 650 92 Credit 650 232 650 92 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 $650 of advertising services provided this month on account. b. OTT repaired some of NN's equipment this month, for $232 on account. c. NN collected $650 cash from OTT for the advertising services provided in (a). d. NN paid $92 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 $2,700 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). 2. Show the journal entries that NN would record for items (a)-(e). Complete this question by entering your answers in the tabs below. Required Required 1 2 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.) View transaction list View journal entry worksheet No Transaction General Journal 1 a V N 2 3 4 b с d Advertising Expense Accounts Payable Accounts Receivable Service Revenue Accounts Payable Cash Cash Advertising Revenue < Required 1 Debit Required 2 > 650 232 650 92 Credit 650 232 650 92

Answer rating: 100% (QA)

In the books of OTT No TR General Journal Debit Cre... View the full answer