Entity A started operations on November 1, 20x1. The following were...

Entity A started operations on November 1, 20x1. The following were the transactions during the period:

Nov.

Transactions

1

Provided ₱100,000 cash as initial investment to the business.

1

Acquired equipment for ₱72,000 cash. The equipment has a useful life of 4 years. Entity A records depreciation expense only at year-end.

1

Paid a one-year insurance premium of ₱24,000. (Use 'asset method')

12

Purchased inventory costing ₱30,000 for cash. (Use
periodic inventory system)

14

Sold goods for ₱30,000 cash.