[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 $24,000 of common stock for cash. 2. Recognized $224,000 of service revenue earned on account. 3. Collected $177,400 from accounts receivable. 4. Paid $139,000 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 $334,000 of service revenue on account. 2. Collected $349,000 from accounts receivable. 3. Determined that $2,850 of the accounts receivable were uncollectible and wrote them off. 4. Collected $2,200 of an account that had previously been written off. 5. Paid $219,000 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 . Record the year 1 transactions in general journal form. (If no entry is required for a transaction/event, select "No journal en required" in the first account field.) Complete this question by entering your answers in the tabs Prepare the income statement for Year 1. Prepare the statement of changes in stockholders' equity for Year 1. Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year Balance Sheet ounts to be deducted with a minus sign.) Complete this question by entering your answers in the tabs below. Prepare the statement of cash flows for Year 1 . (Enter cash outflows with a minus sign.) Prepare closing entries for Year 1 . (If no entry is required for a transaction/event, select "No journal entry required" in the field.) Journal entry worksheet Prepare the entry to close the revenue accounts. Note: Enter debits before credits. 3 of 3 \begin{tabular}{|l|l|l|l|} \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Allowance For Doubtful Accounts \begin{tabular}{|l|l|l|l|} \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Service Revenue \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Oporating Expensos } \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance for Year 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 $24,000 of common stock for cash. 2. Recognized $224,000 of service revenue earned on account. 3. Collected $177,400 from accounts receivable. 4. Paid $139,000 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 $334,000 of service revenue on account. 2. Collected $349,000 from accounts receivable. 3. Determined that $2,850 of the accounts receivable were uncollectible and wrote them off. 4. Collected $2,200 of an account that had previously been written off. 5. Paid $219,000 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 . Record the year 1 transactions in general journal form. (If no entry is required for a transaction/event, select "No journal en required" in the first account field.) Complete this question by entering your answers in the tabs Prepare the income statement for Year 1. Prepare the statement of changes in stockholders' equity for Year 1. Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year Balance Sheet ounts to be deducted with a minus sign.) Complete this question by entering your answers in the tabs below. Prepare the statement of cash flows for Year 1 . (Enter cash outflows with a minus sign.) Prepare closing entries for Year 1 . (If no entry is required for a transaction/event, select "No journal entry required" in the field.) Journal entry worksheet Prepare the entry to close the revenue accounts. Note: Enter debits before credits. 3 of 3 \begin{tabular}{|l|l|l|l|} \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Allowance For Doubtful Accounts \begin{tabular}{|l|l|l|l|} \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Service Revenue \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Oporating Expensos } \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance for Year 1