MGT120 - Jane's Garden Centre Jane incorporated a Garden Centre on May, 2017. Transactions for the month of May are: 1. 2. She invested $10,000 for 1,000 common shares She purchased a tent and shelving for S5,000 that has an estimated life of five years. She paid S1,000 in cash and borrowed the rest from the bank. The loan is due within two years. The interest on the bank loan is 12% and is paid yearly She purchased plants & shrubs from Angelo's Nurseries to resell. She paid $3,900 in cash. She purchased a one-year insurance policy for $1,200 She negotiated a deal with a mall to set up her business in the mall parking lot for $250/month and paid 2 months rent in advance Jane sells plants and shrubs to a landscaper, Jake's Lawn Care Service for $1,500 cash The plants and shrubs that she sold to Jake cost her $630 Jane sells plants to another landscaper, Nellie's Lawn Services 'R us for $1,800. Nellie promises to pay in 30 days. The plants and shrubs that shc sold to Nellie had cost her $756 On reviewing the sales records, Jane discovered that White Daisy Nurseries had not yet been invoiced for a delivery made in May 2017. The sale to White Daisy Nurseries was for S1,250 and is payable when the invoice is received by the customer. The cost of the plants sold to White Daisy was $525 Jane received $1,000 from Hoyt's Landscaping for plants and shrubs to be delivered in June 3. 4. 5. 6. 7. 8. 9. 10. The company declared and paid $500 in dividends Required: 1. Record all of the necessary journal entries including the adjustments 2. Prepare all of the financial statements for the month of May 3. Was Janc's Garden Centre profitable? How can you tell? 4. Is the company ablc to pay their debts as they come due? 5. Who are the primary users