last picture is the same wuestion part 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: 1. Issued $17,000 of common stock for cash. 2. Recognized $217,000 of service revenue earned on account. 3. Collected $169,700 from accounts receivable. 4. Paid $132,000 cash for operating expenses. 5. Adjusted the accounts to 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 $327,000 of service revenue on account. 2. Collected $342.000 from accounts receivable. 3. Determined that $2,500 of the accounts receivable were uncollectible and wrote them off. 4. Collected $1,500 of an account that had previously been written off. 5. Paid $212,000 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. d-2. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for the Year 2. (Statement of Cash Flows, and Balance Sheet only: Items to be deducted must be indicated with a minus sign.) JOVA COMPANY Income Statement For the Year Ended Year 2 Expenses Total expenses 0 $ 0 JOVA COMPANY JOVA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended Year 2 $ 0 0 Total Stockholders' Equity $ 0 JOVA COMPANY Balance Sheet As of December 31, Year 2 Assets 0 Total assets $ 0 Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity ola $ JOVA COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flow from operating activities: $ 0 Net cash flow from operating activities Cash flow from investing activities Cash flows from financing activities Net change in cash 0 Ending cash balance $ 0 Solution: As required following are the journal entries for Year 1 Transactions: Account Name Debit Credit Event 1 Working 17.000 Common Stock $ 17 000 2 Accounts Receivable Service Revenue $ 217.000 ES 217.000 3 S 309,700 Cash Accounts Receivable $ 169,700 4 132.000 Operating Expenses Cash $ 113,000 5 S 2.170 217000 IN uncollectibles Debt Eupenes Allowance for Uncollectible $ 2.170