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

Issued $$11,500$ of common stock for cash.

Recognized $$66,500$ of service revenue earned on account.

Collected $$59,200$ from accounts receivable.

Paid operating expenses of $$35,200.$

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 $2$:

Recognized $$74,000$ of service revenue on account.

Collected $$67,200$ from accounts receivable.

Determined that $$930$ of the accounts receivable were uncollectible and wrote them off.

Collected $$100$ of an account that had previously been written off.

Paid $$48,800$ cash for operating expenses.

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.

Required

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