Transaction	Error	Correction Needed
Extra capital of $11,000	Credited to Sales	Should be credited to Capital
Goods for own use $1,200	Debited to General Expenses	Should be debited to Drawings
Private insurance $100	Debited to Insurance	Should be debited to Drawings
Purchase from S. Parker $880	Entered as $980	Should be corrected to $880
Cash banked $490	Credited to bank column, debited to cash column	Should be corrected to bank column
Cash drawings $530	Credited to bank column	Should be debited to Drawings
Returns inwards $260 from A. Phillips	Entered in error in T. Wright’s account	Should be corrected to A. Phillips account
Sale of equipment $2,100	Credited to Motor Expenses	Should be credited to Sales
Requirement: Record the journal entries to correct these errors and discuss the impact on the current assets.