The following transactions apply to Jova Company for 2018, the first year of operation:

1. Issued $11,500 of common stock for cash.
2. Recognized $66,500of service revenue earned on account.
3. Collected $59,200from accounts receivable.
4. Paid operating expenses of $35,200.
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 be2percent of sales on account.

The following transactions apply to Jova for 2019:

1. Recognized $74,000of service revenue on account.
2. Collected $67,200from accounts receivable.
3. Determined that $930of the accounts receivable were uncollectible and wrote them off.
4. Collected $100of an account that had previously been written off.
5. Paid $48,800cash for operating expenses.
6. Adjusted the accounts to recognize uncollectible accounts expense for 2019. Jova estimates uncollectible accounts expense will be1.0percent 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.

1. Organize the transaction data in accounts under an accounting equation for each year.

• Req C1
• Req C2

Organize the transaction data in accounts under an accounting equation for 2018.(Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank.)

• Req C1
• Req C2

Organize the transaction data in accounts under an accounting equation for 2018.(Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank.)

Organize the transaction data in accounts under an accounting equation for 2019. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank.) JOVA COMPANY Accounting Equation for the Year 2019 Assets Equity Event Cash + Accounts Accounts Titles for Retained Allowance Liabilities + Common Retained Receivable Stock + Earnings Earnings Bal + + + 2. + 3 4a 4b. + 5 6. + + Bal. 0 + 0 - OE 0+ 0 + 0