•ABC Corp found that an extra capital of $24,000 paid into the bank had been credited to Sales.
•Goods taken for own use worth $2,550 had been debited to General Expenses.
•Private insurance of $165 had been debited to the Insurance account.
•A purchase of goods from S. Allen for $1,150 was entered in the books as $1,050.
•Cash banked of $1,010 was credited to the bank column and debited to the cash column in the cash book.
•Cash drawings of $1,100 had been credited to the bank column of the cash book.
•Returns inwards of $550 from D. Johnson had been entered in error in M. Harris’s account.
•A sale of equipment for $4,400 had been credited to Motor Expenses.
Requirement: Write the correcting journal entries and analyze the effect on the net profit.