8) 8) A property designed internal control system: A) Eliminates the noed for an audit B) Requires the use of C) Is not necessary if the company uses a computerized system systems D) Lowers the company's risk of loss. E) Insures profitable operations 9) 9) At the end of the day, the cash register's record shows $1,050, but the count of cash in the cash register is $1,055. The correct entry to record the cash sales and its overage s A) Debit Cash $1,055; credit Sales $1,055 B) Debit Cash Over and Short $5; credit Sales $5. C) Debit Cash $1,055; credit Cash Over and Short S5; credit Sales $1,050 D) Debit Cash $1,050; debit Cash Over and Short $5; credit Sales $1,055. E) Debit Cash $1,050, credit Sales $1050. 10 10) Childers Company has an established petty cash fund in the amount of $400. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts: December 4 Freight charge for merchandise purchased $62 December 7 Delivery charge for shipping to customer$46 December 12 Purchase of office supplies December 18 Donation to charitable organization $30 If, in addition to these receipts, the petty cash fund contains $201 of cash, the journal entry to reimburse the fund on December 31 will include: A) A credit to Office Supplies of $30. B) A debit to Transportation-In of $108 C) A credit to Cash Over and Short of $10. D) A credit to Cash of $199, E) A debit to Petty Cash of $189