WORKSHEET AND FINANCIAL STATEMENTS Entity A started operations on November 1, 20x1. The following were the transactions during the period: Nov. Transactions: 1. Provided P100,000 cash as initial investment to the business. 2.Acquired equipment for P72,000 cash. The equipment has a useful life of 4 years. Entity A records depreciation expense only at year-end. 3.Paid a one-year insurance premium of P24,000. (Use "asset method') Nov.12 Purchased inventory costing P30,000 for cash. (Use periodic inventory system) 14. Sold goods for P30,000 cash. Dec.Transactions :1 Sold goods with sale price of P24,000 in exchange for a P24,000, 10%, one-year note receivable. Principal and interest are due at maturity. 5. Purchased inventory for P4,000 on account. 26.Sold goods for P34,000 on account. 27. Paid P2,000 account payable. 29.Collected P20,000 account receivable . ADDITIONAL INFORMATION: There is no beginning inventory. The ending inventory per physical count is P21,000.Entity A determines at year-end that accounts receivable of P2,000 is doubtful of collection. Salaries earned by employees during the period but were not yet paid amounted to P20,000.* Requirements: Provide the journal entries for EACH transactions. Post the entries to the ledger using Ledger accounts. Prepare the unadjusted trial balance using a worksheet. Prepare the adjusting entries. Complete the worksheet. 10 COLUMN WORKSHEET Prepare the closing entries. Prepare the balance sheet and income statement IN GOOD FORM WITH FORMULAS IN EXCEL Prepare the reversing entries to be recorded in the next accounting period compared with adjusting Entries Prepare Cashflow DIRECT METHOD AND INDIRECT METHOD