help

Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $10,000 of common stock for cash. 2. Recognized $210,000 of service revenue earned on account. 3. Collected $162.000 from accounts receivable. 4. Paid $125,000 cash for operating expenses. 5. Adjusted the accounts fo recognize uncollectible accounts expense: Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2 : 1. Recognized $320,000 of service revenue on account. 2. Collected $335,000 from accounts recelvable. 3. Determined that $2,150 of the accounts receivable were uncollectible and wro them off. 4. Collected $800 of an account that had previously been written off. 5. Paid $205,000 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 0.5 percent of sales on account. Complete the following requirements for Year 1 and Year 2. Complete all requirements for Year 1 prior to beginning the requirements for Year 2. c-2. Record the Year 2 transactions in general journal form and post them to T-accounts (begin Year 2 with the ending T-account balances from Year 1 ! Complete this question by entering your answers in the tabs below. Record the Year 2 transactions in general foumal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) Complete this question by entering your answers in the tabs below. Post the Year 2 transa] 5 tions to T-accounts. (1) Required information General Journal TAccounts