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1. Define the principles of Internal Control 2. A petty cash fund of $100 is replenished when the fund contains $4 in cash and receipts

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1. Define the principles of Internal Control 2. A petty cash fund of $100 is replenished when the fund contains $4 in cash and receipts for $94. The entry to replenish the fund would be: 3. In preparing its August 31, 2013 bank reconciliation, Annie Corp. has available the following information: Balance per bank statement, 8/31/13 Deposit in transit, 8/31/13 Return of customer's check not sufficient funds, 8/30/13 Outstanding checks, 8/31/13 Bank service charges for August At August 31, 2013, Annie's adjusted cash balance is $21,650 3,900 600 2,750 100 Equipment costing $40,000 with a salvage value of $8000 and an estimated life of 8 years has been depreciated using the straight-line method for 2 years. Assuming a revised estimated total life of 5 years with no change in salvage value, the depreciation expense for year 3 would be 4

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