• •STU Corp found that an extra capital of $36,000 paid into the bank had been credited to Sales.
  •Goods taken for own use worth $3,100 had been debited to General Expenses.
  •Private insurance of $175 had been debited to the Insurance account.
  •A purchase of goods from E. King for $1,210 was entered in the books as $1,110.
  •Cash banked of $1,220 was credited to the bank column and debited to the cash column in the cash book.
  •Cash drawings of $1,240 had been credited to the bank column of the cash book.
  •Returns inwards of $680 from C. Evans had been entered in error in M. Harris’s account.
  •A sale of equipment for $5,100 had been credited to Motor Expenses.
  Requirement: Write the correcting journal entries and analyze the effect on the net profit.