On your audit of Magdaug Compay on Dec 31, 2023, you have found the following:

1 Sales of P2,000 was not recorded. Half is paid on cash.

2 Sales on account amounting to P5,000 was recorded twice.
3 Cash sales of P2,000 was recorded as sales on account.
4 Sales on account of P4,000 was recorded as cash sales.
5 Sales amounting to P6,000 which half was paid on cash. Only the cash sales were recorded.
6 Payment of receivable amounting to P1,000 was not recorded.
7 Payment of receivable amounting to P1,000 was recorded twice.
8 Payment of receivable amounting to P1,000 was recorded as cash sales.
9 Cash sales of P2,000 was recorded as payment of receivable.
10 Sales on account of P9,000 was recorded as cash sales even though the sales haven't happened yet.
11 Cash sales were recorded at P2,000 instead of P5,000.
12 Cash sale of P1,000 was recorded as sales on account and Sales on account was recorded as cash sales for P3,000 instead

Requirement:
1 Prepare adjusting entries if the books is not yet closed.
2 Prepare adjusting entries if the books was closed.
3 Prepare a ledger for the total adjustment for cash account.
4 Prepare a ledger for the total adjustment for accounts receivable account.
5 Prepare a ledger for the total adjustment for sales account.
Note: Please disregard the effect on the inventory.
h sales for P3,000 instead of P2,000.
No. Entry Debit Credit No. Entry Debit Credit
1 Cash 1,000.00 1 Cash 1,000.00
Accounts Receivable 1,000.00 Accounts Receivable 1,000.00
Sales 2,000.00 Retained Earnings 2,000.00

2 Sales 5,000.00 2 Retained Earnings 5,000.00

Accounts Receivable 5,000.00 Accounts Receivable 5,000.00

3 Cash 2,000.00 3 Cash 2,000.00

Accounts Receivable 2,000.00 Accounts Receivable 2,000.00

4 Accounts Receivable 4,000.00 4 Accounts Receivable 4,000.00

Cash 4,000.00 Cash 4,000.00

5 Accounts Receivable 3,000.00 5 Accounts Receivable 3,000.00

Cash 3,000.00 Cash 3,000.00

6 Cash 1,000.00 6 Cash 1,000.00

Accounts Receivable 1,000.00 Accounts Receivable 1,000.00

7 Cash 1,000.00 7 Cash 1,000.00

Accounts Receivable 1,000.00 Accounts Receivable 1,000.00

8 Sales 1,000.00 8 Retained Earnings 1,000.00

Accounts Receivable 1,000.00 Accounts Receivable 1,000.00

9 Accounts Receivable 2,000.00 9 Accounts Receivable 2,000.00

Sales 2,000.00 Retained Earnings 2,000.00

10 Sales 9,000.00 10 Retained Earnings 9,000.00

Cash 9,000.00 Cash 9,000.00

11 Cash 3,000.00 11 Cash 3,000.00

Sales 3,000.00 Retained Earnings 3,000.00

12 Sales 1,000.00 12 Retained Earnings 1,000.00

Accounts Receivable 1,000.00 Accounts Receivable 1,000.00
Cash 2,000.00 Cash 2,000.00
Cash 1,000.00
Accounts Receivable 1,000.00
Accounts Receivable 2,000.00
Sales 1,000.00
Cash 3,000.00
Trade discount:
sale of merchandise P100 at 20% discount

Accounts Receivable 80
Sales 80

Cash Discount Gross Method

Sale of merchandise P100 5/10, n/30
no discount:
Accounts Receivable 100
Sales 100

Cash 100
Accounts Receivable 100

with discount:
Accounts Receivable 100
Sales 100

Cash 95
Sales Discount 5
Accounts Receivable 100

Cash Discount Net Method

Sale of merchandise P100 5/10, n/30
no discount:
Accounts Receivable 95
Sales 95

Cash 100
Accounts Receivable 95
Sales Discount Forfeited 5

with discount:
Accounts Receivable 95
Sales 95

Cash 95
Accounts Receivable 95
Actual Entry Correct Entry
AR 100 Cash 100
Sales 100 Sales 100

Cash 100
AR 100
Adjusting Entry
Cash 100
AR 100