HR Leuger SECTION B: Miscellaneous Questions: Please answer each of the following in no more than one line on the online text answer box (30%): 1. Identify at least three principals of internal controls 2. What is the reason for creating a Petty Cash Fund? 3. If Assets include Cash and A/R accounts, what two accounts does Liabilities include? 4. What are two reasons for a company to estimate its Bad Debt Expenses? 5. If a company writes off a Bed Debt Account at the end of a year and subsequently recovers the written off amount the following year, what should it do to record this transaction explain SECTION C: Problem Solving: Please type your answers to each of the following on the online text answer box (40%): 1. Mix Recording Studios purchased $2.800 in electronic components from Techcom. Mix Recording Studios signed a 60-day, 10% promissory note for $7.800. Record Tech Com's joumal entry for this transaction 2. On December 31, 2019, the following were the balances in SRK Inc's Trial Balance: . Accounts Receivable: DR $107.250 Revenue CR 5800.000 Assuming of the outstanding Accounts Receivable at December 31, 2019 are still estimated to be uncollectible? Record the entry to show the estimated Bad Debt, 3. Navneet's company received a Bank Statement on 30, 2019 that showed balance of $2,220 (negative balance). However, its books at the end of same date showedbace of $41530 positiv bale. A quick bank reconciliation by the company is accountant indicated that the only items outstanding were two deposit in transit What were the total of these two deposits in transit Please show your calculation 4. Lovepreet Enterprises dosed book and on 2019 and wrote $12.000 of Accounts Receivable as Bad Debt. However in March 2020, received $10,000 cash of that amount from met Samules on the entschewing the reinstatement of the account and the bent receipt of the monies Submission status Submission status Toate HR Leuger SECTION B: Miscellaneous Questions: Please answer each of the following in no more than one line on the online text answer box (30%): 1. Identify at least three principals of internal controls 2. What is the reason for creating a Petty Cash Fund? 3. If Assets include Cash and A/R accounts, what two accounts does Liabilities include? 4. What are two reasons for a company to estimate its Bad Debt Expenses? 5. If a company writes off a Bed Debt Account at the end of a year and subsequently recovers the written off amount the following year, what should it do to record this transaction explain SECTION C: Problem Solving: Please type your answers to each of the following on the online text answer box (40%): 1. Mix Recording Studios purchased $2.800 in electronic components from Techcom. Mix Recording Studios signed a 60-day, 10% promissory note for $7.800. Record Tech Com's joumal entry for this transaction 2. On December 31, 2019, the following were the balances in SRK Inc's Trial Balance: . Accounts Receivable: DR $107.250 Revenue CR 5800.000 Assuming of the outstanding Accounts Receivable at December 31, 2019 are still estimated to be uncollectible? Record the entry to show the estimated Bad Debt, 3. Navneet's company received a Bank Statement on 30, 2019 that showed balance of $2,220 (negative balance). However, its books at the end of same date showedbace of $41530 positiv bale. A quick bank reconciliation by the company is accountant indicated that the only items outstanding were two deposit in transit What were the total of these two deposits in transit Please show your calculation 4. Lovepreet Enterprises dosed book and on 2019 and wrote $12.000 of Accounts Receivable as Bad Debt. However in March 2020, received $10,000 cash of that amount from met Samules on the entschewing the reinstatement of the account and the bent receipt of the monies Submission status Submission status Toate