The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $13,000 of common stock for cash. Recognized $213,000 of service revenue earned on account. Collected $165,300 from accounts receivable. Paid $128,000 cash for operating expenses. 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: Recognized $323,000 of service revenue on account. Collected $338,000 from accounts receivable. Determined that $2,300 of the accounts receivable were uncollectible and wrote them off. Collected $1,100 of an account that had previously been written off. Paid $208,000 cash for operating expenses. 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. Prepare closing entries for year 2 and post these closing entries to the T-accounts and prepare a post-closing trial balance for Year 2.

Journal entry worksheet Prepare the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Prepare the entry to close the expense accounts. Note: Enter debits before credits. \begin{tabular}{|l||l||l} Closing Entries & T Accounts & Trial Balance \\ \hline \end{tabular} Prepare the T-accounts for Year 2. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Cash } & \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Accounts Receivable } \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Common Stock } & \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Allowance For Doubtful Accounts \begin{tabular}{|l|l|l|} \hline Balance Before Closing & & \\ \hline & & \\ \hline & & \\ \hline Ending Balance & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Retained Earnings } \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Operating Expenses } \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline \multicolumn{2}{|c|}{ Uncollectible Accounts Expense } \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \hline \end{tabular} Prepare a post-closing trial balance for Year 2. Journal entry worksheet Prepare the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Prepare the entry to close the expense accounts. Note: Enter debits before credits. \begin{tabular}{|l||l||l} Closing Entries & T Accounts & Trial Balance \\ \hline \end{tabular} Prepare the T-accounts for Year 2. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Cash } & \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Accounts Receivable } \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Common Stock } & \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Allowance For Doubtful Accounts \begin{tabular}{|l|l|l|} \hline Balance Before Closing & & \\ \hline & & \\ \hline & & \\ \hline Ending Balance & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Retained Earnings } \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Operating Expenses } \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline \multicolumn{2}{|c|}{ Uncollectible Accounts Expense } \\ \hline Balance Before Closing & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline \hline \end{tabular} Prepare a post-closing trial balance for Year 2