The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $14,000 of common stock for cash. 2. Recognized $69,000 of service revenue earned on account. 3. Collected $61,200 from accounts receivable. 4. Paid operating expenses of $35,700. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of acc uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on a The following transactions apply to Jova for Year 2: 1. Recognized $76,500 of service revenue on account. 2. Collected $69,200 from accounts receivable, 3. Determined that $980 of the accounts receivable were uncollectible and wrote them off. 4. Collected $300 of an account that had previously been written off. 5. Paid $49,300 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectib expense will be 1 percent of sales on account. The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $14,000 of common stock for cash. 2. Recognized $69,000 of service revenue earned on account. 3. Collected $61,200 from accounts receivable. 4. Paid operating expenses of $35,700. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of acc uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on a The following transactions apply to Jova for Year 2: 1. Recognized $76,500 of service revenue on account. 2. Collected $69,200 from accounts receivable, 3. Determined that $980 of the accounts receivable were uncollectible and wrote them off. 4. Collected $300 of an account that had previously been written off. 5. Paid $49,300 cash for operating expenses. 6. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectib expense will be 1 percent of sales on account