Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $10,000 of common stock for cash. 2. Recognized $210,000 of service revenue earned on account. 3. Collected $162,000 from accounts receivable. 4. Paid operating expenses of $125,000. 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 1 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $320,000 of service revenue on account. 2. Collected $335,000 from accounts receivable. 3. Determined that $2,150 of the accounts receivable were uncollectible and wrote them off. 4. Collected $800 of an account that had previously been written off. 5. Paid $205,000 cash for operating expenses. 6. 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. 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.

44. Subject :- Accounting

Selected financial data for Wilmington Corporation is presented below.   WILMINGTON CORPORATION Balance Sheet As of December 31   Year 7 Year 6 Current Assets     Cash and cash equivalents $    634,527 $   335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009       Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430       Current Liabilities     Short-term borrowings $   306,376 $    170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…

Required information Skip to question   [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year.  Cash sales $ 640,000 Credit sales $ 1,600,000 In addition, its unadjusted trial balance includes the following items.  Accounts receivable $ 480,000 debit Allowance for doubtful accounts $ 5,800 debit   2. Bad debts are estimated to be 2% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet.