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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 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 uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Pald $210,000 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-1. Record the Year 1 transactions In general journal form and post them to T-accounts. Complete this question by entering your answers in the tabs below. 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Paid $130,000 cash for operating expenses. 5. Adjusted the accounts to recognize uncollectlble accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Pald $210,000 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectlble accounts expense for Year 2. Jova estimates uncollectlble 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 journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 cash for operating expenses. 5. Adjusted the accounts to recognize uncollectlble accounts expense. Jova uses the allowance method of accounting for uncollectlble accounts and estlmates that uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Paid $210,000 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. Post the Year 2 transactions to T-accounts. Required Information [The following information applles to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 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 uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Paid $210,000 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectlble accounts expense for Year 2 . Jova estimates uncollectlble 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 . 'repare the Income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year 1. (Enter amounts to be deducted with a minus sign.) 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 cash for operating expenses. 5. Adjusted the accounts to recognize uncollectlble accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectlble and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Pald $210,000 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectlble 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 prlor to beginning the requirements for Year 2. -2. Prepare the Income statement, statement of changes In stockholders' equity, balance sheet, and statement of cash flows for Yea Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for Year 2. 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 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 uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2 : 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had prevlously been written off. 5. Pald $210,000 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. 1. Prepare closing entrles and post these closing entrles to the T-accounts and prepare a post-closing trlal balance for Year 1. Complete this question by entering your answers in the tabs below. Prepare closing entries for Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet B Prepare the entry to close the revenue accounts. Note: Enter debits before credits. Requlred 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 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 uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Pald $210,000 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. e-2. Prepare closing entrles and post these closing entrles to the T-accounts and prepare a post-closing trial balance for Year 2. Complete this question by entering your answers in the tabs below. Prepare closing entries for Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet B Note: Enter debits betore credits. 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 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 uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Pald $210,000 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-1. Record the Year 1 transactions In general journal form and post them to T-accounts. Complete this question by entering your answers in the tabs below. 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Paid $130,000 cash for operating expenses. 5. Adjusted the accounts to recognize uncollectlble accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Pald $210,000 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectlble accounts expense for Year 2. Jova estimates uncollectlble 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 journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 cash for operating expenses. 5. Adjusted the accounts to recognize uncollectlble accounts expense. Jova uses the allowance method of accounting for uncollectlble accounts and estlmates that uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Paid $210,000 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. Post the Year 2 transactions to T-accounts. Required Information [The following information applles to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 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 uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Paid $210,000 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectlble accounts expense for Year 2 . Jova estimates uncollectlble 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 . 'repare the Income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year 1. (Enter amounts to be deducted with a minus sign.) 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 cash for operating expenses. 5. Adjusted the accounts to recognize uncollectlble accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectlble and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Pald $210,000 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectlble 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 prlor to beginning the requirements for Year 2. -2. Prepare the Income statement, statement of changes In stockholders' equity, balance sheet, and statement of cash flows for Yea Complete this question by entering your answers in the tabs below. Prepare the statement of changes in stockholders' equity for Year 2. 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 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 uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2 : 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had prevlously been written off. 5. Pald $210,000 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. 1. Prepare closing entrles and post these closing entrles to the T-accounts and prepare a post-closing trlal balance for Year 1. Complete this question by entering your answers in the tabs below. Prepare closing entries for Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet B Prepare the entry to close the revenue accounts. Note: Enter debits before credits. Requlred 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 $15,000 of common stock for cash. 2. Recognized $215,000 of service revenue earned on account. 3. Collected $167,500 from accounts recelvable. 4. Pald $130,000 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 uncollectlble accounts expense will be 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $325,000 of service revenue on account. 2. Collected $340,000 from accounts recelvable. 3. Determined that $2,400 of the accounts recelvable were uncollectible and wrote them off. 4. Collected $1,300 of an account that had previously been written off. 5. Pald $210,000 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. e-2. Prepare closing entrles and post these closing entrles to the T-accounts and prepare a post-closing trial balance for Year 2. Complete this question by entering your answers in the tabs below. Prepare closing entries for Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet B Note: Enter debits betore credits