The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $19,500 of common stock for cash. 2. Recognized $60,500 of service revenue earned on account. 3. Collected $54,400 from accounts receivable. 4. Paid operating expenses of $37,600. 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 $68,000 of service revenue on account. 2. Collected $62,400 from accounts receivable. 3. Determined that $810 of the accounts receivable were uncollectible and wrote them off. 4. Collected $200 of an account that had previously been written off. 5. Paid $47,600 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. Organize the transaction data in accounts under an accounting equation for Year 1. (Enter any decreases to accou Not all cells require input.) JOVA COMPANY Accounting Equation for Year 1 Assets Stockholders' Equity Event = Liabilities Account Titles for Retained Earnings Cash + NRV Accounts Receivable Common stock Retained Earnings 1 19,500+ + 19,500 + 2. + + + 60,500 Service revenue 60,500 = (54,400) = 3. 54,400+ + + 4. (37,600)| + + + 5. + + (37,400) Operating expenses Uncollectible accounts expense 23,100 Bal. 36,300 + 6,100 = 0 + 19,500 + Required Required C2 record the receipt of payment on account in 4b. (Enter any decreases to account balances with a minus sign. Not all cells require inp Assets JOVA COMPANY Accounting Equation for Year 2 Stockholders' Equity Liabilities Common Retained Stock Earnings Event Account Titles for Retained Earnings Cash NRV Accounts Receivable Bal. + 1. + + + 2 + + + 3. + 4a. 4b 5. + + + 6 + Bal 0 + 0 = 01 + 0 + 0