Required information (The following information applies to the questions displayed below.) The following transactions apply to Jova Company for 2018, 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 operating expenses of $125,000. 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 1 percent of sales on account. The following transactions apply to Jova for 2019: 1. Recognized $320,000 of service revenue on account. 2. Collected $335,000 from accounts receivable. 3. Determined that $2,150 of the accounts receivable were uncollectible and wrote 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 2019. Jova estimates uncollectible accounts expense will be 0.5 percent of sales on account. Required Complete the following requirements for 2018 and 2019. Complete all requirements for 2018 prior to beginning the requirements for 2019. Req C1 Req C2 Organize the transaction data in accounts under an accounting equation for 2019. (Enter any decreases to account balances with a minus sign. If there on the Accounts Titles for Retained Earnings, leave the cell blank.) JOVA COMPANY Accounting Equation for the Year 2019 Equity Liabilities + Common Retained Allowance Stock Earnings Event Assets Accounts Receivable 48,000 Accounts Titles for Retained Earnings Cash Bal. 47.000 + + 1 + + + 2. 335,000 + + (335,000) 2,150 3. + 2,150] = + Service revenue Service revenue Service revenue Operating expenses Operating expenses Uncollectible accounts expense 4a. 800 + + 125,000 + 125,000 + 800] = 4b. + + 5. (205,000) + 2,100] = 2,100 + + 6. + 1,600] = + + Uncollectible accounts expense Bal. 177,800 + (284,850) 6,650 = 252, 100+ 0 + 0