XYZ Ltd. found that an extra capital of $22,000 paid into the bank had been credited to Sales. Goods taken for own use worth $1,450 had been debited to General Expenses. Private insurance of $130 had been debited to the Insurance account. A purchase of goods from L. King for $870 was entered in the books as $770. Cash banked of $550 was credited to the bank column and debited to the cash column in the cash book. Cash drawings of $590 had been credited to the bank column of the cash book. Returns inwards of $350 from M. Johnson had been entered in error in B. Harris’s account. A sale of office furniture for $2,800 had been credited to Office Expenses.
 Requirement: Record the journal entries needed to correct these errors and discuss the changes on the financial position.