AJUSTED BANK BALANCE= $4,320 Question 2 (3 marks) Locker Rentals Corp. (LRC) operates locker rental services at several locations throughout the city including the airport, bus depot, shopping malls, and athletics facilities. Unlike some of the old mechanical lockers that charge a fixed amount per use, LRC's lockers operate electronically and are able to charge based on hours of use. The locker system transmits a daily message to LRC's office indicating the number of hours that lockers have been used, which the office manager uses to determine when cash should be picked up at each location. LRC's cash receipts system is described below. a. Two employees ("cash collection clerks") are responsible for collecting cash from the lockers. Based on instructions from the office manager, one clerk collects cash from specific locations on the west side of the city and the other collects from specific locations on the east side. b. When each cash collection clerk returns with the cash, a supervisor counts the cash and prepares a cash count sheet. c. The supervisor places the cash in a locked cashbox until it is taken to the bank for deposit. d. The supervisor, not the cash collection clerks, takes the cash to the bank for deposit. e. The supervisor prepares a duplicate deposit slip, which the bank stamps after the deposit is made to indicate the date and amount of the deposit. f. The supervisor sends the stamped bank deposit slip and daily cash summary to the accountant, who compares them before preparing a journal entry debiting Cash and crediting Locker Rental Revenue. Required: 1. For each statement (a)-(f), identify the internal control principle being applied. Question 3 (2 marks) What are the limitations of internal control? Explain each one of them.