20 oF the bemester Homework Assignment Bed Help Save 12 CH Problem 7-17A (Algo) Accounting for uncollectible accounts: two cycles using the percent of revenue allowance method LO 7.1 {The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation Part of 5 277 points 1. Issued $13,500 of common stock for cash 2. Recognized $68,500 of service revenue earned on account. 3. Collected $60,800 from accounts recevable. 4. Pald operating expenses of $35,600. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and eslimates that uncollectible accounts expense will be 2 percent of sales on account book Reference The following transactions apply to Jova for Year 2 1. Recognized $76,000 of service revenue on account 2. Collected $68,800 from accounts receivable. 3. Determined that $970 of the accounts receivable were uncollectible and wrote them off 4. Collected $200 of an account that had previously been written off 5. Paid $49.200 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1 percent of sales on account Required Complete the following requirements for Year 1 and Year 2. Complete all requirements for Year 1 prior to beginning the requirements for Year 2 12 Required information c. Organize the transaction data in accounts under an accounting equation for each year. Part 3 of 5 Complete this question by entering your answers in the tabs below. 2.77 points Show less eBoo Required ct Required C2 Organize the transaction data in accoulies under an accounting equation for Year 1. (Enter any decreases to account balances with a minus tion Not all cells require input.) References JOVA COMPANY Accounting Equation for Year 1 Stockholders' Equity Liabilities Common Retained stock Earning Account Titles for Retained Earnings Assets NRV Accounts Receivable Event Cash 22 3 + + + + + + 4 ++++ 5. Bal 01 + 0 Check 12 Required information Part 3 of 5 Show less Required CI Required ca 277 paints Organize the transaction data in accounts under an accounting equation for Year 2. For event 4, reinstate the customer's account receivable in 4 and record the receipt of payment on account in 46. (Enter any decreases to account balances with a minus sign. Not all cells require input.) Ooh Terences JOVA COMPANY Accounting Equation for Year 2 Stockholders'Equity Liabilities Common Retained Account Titles for Retained amninge Stock Earnings Event Assets NRV Accounts Receivable Cash Bal 1 2 3 40 45 WN 5. 6 +++ Bal 0+ 0 0. Required 1 INS UT Question 2 - End of the Semester Home Assignment Connect Chestar a rower hints 2011 Saved End of the Semester Homework Assignment i Help Sav 12 Required information Problem 7-47A (Algo) Accounting for uncollectible accounts: two cycles using the percent of revenue allowance method LO 741 The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation Part 3 045 2.72 Doints 1. Issued $13,500 of common stock for cash 2. Recognized $68,500 of service revenue earned on account. 3. Collected $60,800 from accounts receivable. 4. Pald operating expenses of $35,600 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. ferences The following transactions apply to Jova for Year 2: 1. Recognized $76,000 of service revenue on account 2. Collected $68.800 from accounts receivable. 3. Determined that $970 of the accounts receivable were uncollectible and wrote them off 4. Collected $200 of an account that had previously been written off & Adjusted the accounts to recognize uncollectible accounts expense for Year 2 Jova estimates uncollectible accounts expense wil be 1 percent of sales on account Required Complete the following requirements for Year 1 and Year 2. Complete all requirements for Year 1 prior to beginning the ruramente in Var? CH 12 Required information Part of 5 Complete this question by entering your answers in the tabs below. Show less 2.77 points Required C Required C2 Look Organize the transaction data in accounts under an accounting equation for Year 1. (Enter any decreases to account balances with a minus sign Not all cells require input.) JOVA COMPANY Accounting Equation for Year 1 Stockholders' Equity Liabilities Common Ratained stoch Earning Assets NRV Accounts Receivable Event Account Titles for Retained Earnings Coah 1 2 3 . 4. . 5 bal 0 + Required Ga> M Required information Required C1 Required C2 5 Organize the transaction data in accounts under an accounting equation for Year 2. For event 4, reinstate the customer's account receivable in 4a and record the receipt of payment on account 4b. (Enter any decreases to account balances with a minus sign. Not all cells require input.) JOVA COMPANY Accounting Equation for Year 2 + Stockholders' Equity Liabilities Common Retained Stack Earnings Assets NRV Accounts Receivable Event Account Tities for Retained Earnings os Cash Bal. 1. 2 +++ + + + + 3. 4a. 4b. 5. 6 +++ Bal 0 0 = 01 + 0 0 + Check 12 Required information Part 3 of 5 Show less Required CI Required ca 277 paints Organize the transaction data in accounts under an accounting equation for Year 2. For event 4, reinstate the customer's account receivable in 4 and record the receipt of payment on account in 46. (Enter any decreases to account balances with a minus sign. Not all cells require input.) Ooh Terences JOVA COMPANY Accounting Equation for Year 2 Stockholders'Equity Liabilities Common Retained Account Titles for Retained amninge Stock Earnings Event Assets NRV Accounts Receivable Cash Bal 1 2 3 40 45 WN 5. 6 +++ Bal 0+ 0 0. Required 1 INS UT Question 2 - End of the Semester Home Assignment Connect Chestar a rower hints 2011 Saved End of the Semester Homework Assignment i Help Sav 12 Required information Problem 7-47A (Algo) Accounting for uncollectible accounts: two cycles using the percent of revenue allowance method LO 741 The following information applies to the questions displayed below) The following transactions apply to Jova Company for Year 1, the first year of operation Part 3 045 2.72 Doints 1. Issued $13,500 of common stock for cash 2. Recognized $68,500 of service revenue earned on account. 3. Collected $60,800 from accounts receivable. 4. Pald operating expenses of $35,600 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. ferences The following transactions apply to Jova for Year 2: 1. Recognized $76,000 of service revenue on account 2. Collected $68.800 from accounts receivable. 3. Determined that $970 of the accounts receivable were uncollectible and wrote them off 4. Collected $200 of an account that had previously been written off & Adjusted the accounts to recognize uncollectible accounts expense for Year 2 Jova estimates uncollectible accounts expense wil be 1 percent of sales on account Required Complete the following requirements for Year 1 and Year 2. Complete all requirements for Year 1 prior to beginning the ruramente in Var? CH 12 Required information Part of 5 Complete this question by entering your answers in the tabs below. Show less 2.77 points Required C Required C2 Look Organize the transaction data in accounts under an accounting equation for Year 1. (Enter any decreases to account balances with a minus sign Not all cells require input.) JOVA COMPANY Accounting Equation for Year 1 Stockholders' Equity Liabilities Common Ratained stoch Earning Assets NRV Accounts Receivable Event Account Titles for Retained Earnings Coah 1 2 3 . 4. . 5 bal 0 + Required Ga> M Required information Required C1 Required C2 5 Organize the transaction data in accounts under an accounting equation for Year 2. For event 4, reinstate the customer's account receivable in 4a and record the receipt of payment on account 4b. (Enter any decreases to account balances with a minus sign. Not all cells require input.) JOVA COMPANY Accounting Equation for Year 2 + Stockholders' Equity Liabilities Common Retained Stack Earnings Assets NRV Accounts Receivable Event Account Tities for Retained Earnings os Cash Bal. 1. 2 +++ + + + + 3. 4a. 4b. 5. 6 +++ Bal 0 0 = 01 + 0 0 +