An example of a preventive control is a single person handles responsibilities for operations, custody of assets, and accounting bonding employees who handle cash separation of the Purchasing Department and Accounting Department personnel accepting payment in currency only A 60 day, 12% note for $7.000, dated April 15, is received from customer on account. The face value of $7,000 $6.860 $7, 840 $7, 140 Which of the following is not an internal control activity for cash All cash receipts should be recorded promptly The functions of record keeping and maintaining custody of cash should be combined. The number of persons who have access to cash should be limited. Surprise audits of cash on hand should be made occasionally. The cash account in the company's ledger is a(n) liability with a credit balance b, asset with a credit balance asset with a debit balance liability with a debit balance On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry to record the collection of the note should include a debit to Interest Receivable for $300 debit to Notes Receivable for $20,000 credit to Interest Revenue for $300 credit to Notes Receivable for $20.300 Credit memos from the bank decrease a bank customers account are used to show a bank service charge show the bank has collected a note receivable for the customer d show that a company has deposited a customer's NSF check Which of the following items that appeared on the bank reconciliation did not require an adjusting entry? A chock for $630, recorded in the check register for $360. NSF checks deposits in transit bank service charges Journal entries based on the bank reconciliation are required in the company's accounts for outstanding checks deposits in transit book errors bank errors