E5-3 (Static) Identifying Internal Control Principles in Cash Receipt Processes [LO 5-3] Locker Rentals Corporation (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. Required: 1. For each statement (a)-(gl. Identify the internal control principle being applied. 2. After several months, LRC's supervisor is arrested for stealing nearly $10,000 from the company. Identify the internal control weakness that allowed this theft to occur. 412 3 points elfoc Complete this question by entering your answers in the tabs below. Required 1 Required 21 For each statement (a)-(a), identify the internal control principle being applied. 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 When each cash collection clerk returns with the cash, a supervisor counts the cash and prepares a cash count sheet The supervisor summarizes the cash count sheets in a prenumbered daily cash summary and ties the prenumbered cash count sheets by date The supervisor places the cash in a locked cashbox until it is taken to the bank for deposit The supervisor, not the cash collection clerks, takes the cash to the bank for deposit The superior prepares a duplicate deposit sip, which the bank stamps after the deposit is made to indicate the date and mount of the depot The supervisor sends the stamped bank deposit sip and daily cash summary to the accountant, who compares them efore preparing a journal entry debiting Cash and credeng Locker Rental Revenue 4.12 3 points skipped 2. After several months LRC's supervisor is arrested for stealing nearly $10,000 from the company. Identify the internal control weakness that allowed this theft to occur. Complete this question by entering your answers in the tabs below. Required 1 Required 2 After several months, LRC's supervisor is arrested for stealing nearly $10,000 from the company. Identify the internal control weakness that allowed this theft to occur. eBook The accounting system was not adequate to detect the fraud The supervisor was responsible for handing the cash, preparing the cash count sheet, and depositing cash in the bank The cash collection clerks should have been made responsible for depositing the cash in the bank. The supervisor was not professionally qualified to account for the cash. The cash collection clerks should have been at least four in number, one for each area east, west, north, south