Journal Entries
Jonathan Green Owns Gopher Greenhouses, a Gardening Centre $\quad$

question 57

Essay

Journal entries
Jonathan Green owns Gopher Greenhouses, a gardening centre (as a sole proprietorship). His first year of operations included the following selected events and transactions:
January:
$\quad$$\quad$ 1. He invested $ 300,000 in his business.
$\quad$$\quad$ 2. He bought a greenhouse for $ 100,000 cash.
May:
$\quad$$\quad$ 3. He hired a greenhouse supervisor at an annual salary of $ 34,000.
June:
$\quad$$\quad$ 4. He ordered and paid for a shipment of flowers costing $ 80,000.
$\quad$$\quad$ 5. He sold flowers for $ 40,000. Half of these sales were made on account.
August:
$\quad$$\quad$ 6. He received a deposit of $ 5,000 from a customer to put merchandise "on hold".
$\quad$$\quad$ 7. He paid current month's salaries of $ 3,000.
Instructions
Prepare all required journal entries.

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Definitions:

Trialability

The extent to which an innovation or product can be experimented with on a limited basis before it is fully adopted.

Observability

The degree to which the results of an innovation or change can be seen and understood by others, impacting its acceptance and diffusion.

Intrinsic Motivation

The drive to engage in activities for their own sake and personal rewards, rather than for some external compensation or pressure.

Top Management Support

The assistance and backing provided by senior executives to projects or initiatives, which is critical for their success.