c. Organize the transaction data in accounts under an accounting equation for each year. Complete this question by entering your answers in the tabs below. Organize the transaction data in accounts under an accounting equation for Year 1. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $11,500 of common stock for cash. 2. Recognized $66,500 of service revenue earned on account. 3. Collected $59,200 from accounts receivable. 4. Paid operating expenses of $35,200. 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. The following transactions apply to Jova for Year 2: 1. Recognized $74,000 of service revenue on account. 2. Collected $67,200 from accounts receivable. 3. Determined that $930 of the accounts receivable were uncollectible and wrote them off. 4. Collected $100 of an account that had previously been written off. 5. Paid $48,800 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. Organize the transaction data in accounts under an accounting equation for Year 2 . For event 4, reinstate the customer's account receivable in 4 a and record the receipt of payment on account in 4b. Note: Enter any decreases to account balances with a minus sign. Not all cells require input