The following transactions apply to Jova Company for Year $1,$ the first year of operation:

$1.$ Issued $$15,000$ of common stock for cash.

$2.$ Recognized $$70,000$ of service revenue earned on account.

$3.$ Collected $$62,000$ from accounts receivable.

$4.$ Paid operating expenses of $$35\mathrm{.}900$

$5.$ 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 $$77,500$ of service revenue on account.

$2.$ Collected $$70,000$ from accounts receivable.

$3.$ Determined that $$1,000$ 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\mathrm{.}500$ cash for operating expenses.

$5.$ Adjusted the accounts to recognize uncollectible accounts expense for Year $2.$ Jova estimates uncollectible accounts expense will be $1\mathrm{.}0$ percent of sales on account.

Regulred

Complete the following requirements for Year $1$ and Year $2.$ Complete all requirements for Year $1$ prior to beginning the requirements for Year $2$

c$.$ Organize the transaction data in accounts under an accounting equation.