•MNO Corp found that an extra capital of $54,000 paid into the bank had been credited to Sales.
•Goods taken for own use worth $4,000 had been debited to General Expenses.
•Private insurance of $220 had been debited to the Insurance account.
•A purchase of goods from E. Wright for $1,300 was entered in the books as $1,200.
•Cash banked of $1,580 was credited to the bank column and debited to the cash column in the cash book.
•Cash drawings of $1,600 had been credited to the bank column of the cash book.
•Returns inwards of $860 from T. Harris had been entered in error in S. Lewis’s account.
•A sale of equipment for $6,000 had been credited to Motor Expenses.
Requirement: Prepare the necessary journal entries and evaluate the impact on the financial position.