Transaction	Error	Correction Needed
Extra capital of $50,000	Credited to Sales	Should be credited to Capital
Goods for own use $3,800	Debited to General Expenses	Should be debited to Drawings
Private insurance $210	Debited to Insurance	Should be debited to Drawings
Purchase from J. Adams $1,280	Entered as $1,180	Should be corrected to $1,280
Cash banked $1,500	Credited to bank column, debited to cash column	Should be corrected to bank column
Cash drawings $1,520	Credited to bank column	Should be debited to Drawings
Returns inwards $820 from K. Johnson	Entered in error in L. Smith’s account	Should be corrected to K. Johnson account
Sale of equipment $5,800	Credited to Office Expenses	Should be credited to Sales
Requirement: Record the journal entries to correct these errors and assess the impact on the current liabilities.