Transaction	Error	Correction Needed
Extra capital of $10,000	Credited to Sales	Should be credited to Capital
Goods for own use $1,100	Debited to General Expenses	Should be debited to Drawings
Private insurance $95	Debited to Insurance	Should be debited to Drawings
Purchase from N. White $960	Entered as $660	Should be corrected to $960
Cash banked $440	Credited to bank column, debited to cash column	Should be corrected to bank column
Cash drawings $520	Credited to bank column	Should be debited to Drawings
Returns inwards $230 from A. Moore	Entered in error in K. Carter’s account	Should be corrected to A. Moore account
Sale of equipment $1,900	Credited to Motor Expenses	Should be credited to Sales
Requirement: Create the journal entries to correct these errors and assess the impact on the financial ratios.