Exercise 7-02 The following control procedures are used at Torres Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is a violated. (b) For each weakness, suggest a change in procedure that will result in good internal control. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stockroom until it is deposited in the bank. (a) Weakness: Principle: (b) Change: Recommended 2. All over-the-counter receipts are processed by three clerks who use a cash register with a single cash drawer. (a) Weakness: Principle: (b) Recommended D) Change: 3. The company accountant makes the bank deposit and then records the day's receipts. (a) Weakness: Principle: (b) Recommended (D) Change: At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total. (a) Weakness: Principle: (b) Recommended (D) Change: 5. Cashiers are experienced; they are not bonded. (a) Weakness: Principle: (b) Change: Recommended