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Required information Problem 7-17A (Algo) Accounting for uncollectible accounts: two cycles using the percent of revenue allowance method LO 7-1 (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 $13,500 of common stock for cash. 2. Recognized $68,500 of service revenue earned on account. 3. Collected $60,800 from accounts receivable. 4. Paid operating expenses of $35,600. 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 $76,000 of service revenue on account. 2. Collected $68,800 from accounts receivable. 3. Determined that $970 of the accounts receivable were uncollectible and wrote them off. 4. Collected $200 of an account that had previously been written off. 5. Paid $49,200 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. Problem 7-17A (Algo) Part c 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. Show less Required C1 Required C2 Organize the transaction data in accounts under an accounting equation for Year 1. (Enter any decreases to account balances with a minus sign. Not all cells require input.) Assets JOVA COMPANY Accounting Equation for Year 1 Stockholders' Equity Liabilities Common Retained stock Earnings Event Account Titles for Retained Earnings Cash NRV Accounts Receivable 1. + 2 = + + 3 + - + + 4 + = + + 5. + + + Bal. 0 + 0 = 0 + 01 + Required C1 Required C2 > Required ci Required C2 Organize the transaction data in accounts under an accounting equation for Year 2. For event 4, reinstate the customer's account receivable in 4a and record the receipt of payment on account in 4b. (Enter any decreases to account balances with a minus sign. Not all cells require input.) JOVA COMPANY Accounting Equation for Year 2 Stockholders' Equity Liabilities Common Retained Stock Earnings Assets NRV Accounts Receivable Event Account Titles for Retained Earnings Cash Bal + 1 2. + + 3 + + 4a. 4b. 5. + 6. Bal. JOVA COMPANY Statement of Changes in Stockholders' Equity For the Year Ended Year 1 Beginning common stock Plus: Stock issued Ending common stock Beginning retained earnings Less: Net loss Ending retained earnings Total stockholders' equity JOVA COMPANY Balance Sheet As of December 31, Year 1 Assets 0 $ 0 Total assets Liabilities Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 JOVA COMPANY Statement of Cash Flows For the Year Ended Year 1 Cash flows from operating activities: EA $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities $ 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ 0