I. Budding Products had a balance of $400 in cash in its petty cash fund at the beginning of November. The following transactions took place in November:

1. On November 1, the custodian paid $43 out of petty cash for new pens with Buddings newly designed logo prominently displayed. This is considered supplies expense.
2. On November 7, the custodian paid $60 out of petty cash for minor repairs to its equipment. This is a maintenance expense.
3. On November 9, the custodian paid $33 out of petty cash for transportation-in.
4. On November 15, the custodian paid $46 out of petty cash to have documents delivered to the accounting firm preparing the companys corporate tax return. This is considered an other expense.
5. On November 22, the custodian paid $138 out of petty cash to reimburse the Chief Financial Officer for costs he had incurred in traveling to the airport for an important international business conference. This is a travel expense.
6. On November 28, the custodian submitted receipts for the above expenditures and a check was drawn for the amount to replenish the fund.

Required:

Prepare any journal entries made by the corporation to record these transactions. If no entry is required, select "No entry required". If an amount box does not require an entry, leave it blank.

II. Miller Enterprises deposits the cash received during each day at the end of the day. Miller deposited $48,287 on October 3 and $50,116 on October 4. Cash register records and other documents supporting the deposits are summarized as follows:

	10/3		10/4
Cash sales	$37,520		$40,310
Collections on account	8,965		9,813
Total receipts	$46,485		$50,123

Required:

1. Calculate the amount of cash over or cash short for each day. Enter negative values as negative numbers.

2. Prepare the journal entry to record the receipt and deposit of cash on October 3. If an amount box does not require an entry, leave it blank.

3. Prepare the journal entry to record the receipt and deposit of cash on October 4. If an amount box does not require an entry, leave it blank.

III. Match each of the control activities listed below with the most closely related type of control activity.

1. Only the cashier assigned to the cash register is allowed to perform transactions.

2. Division managers are evaluated annually on the basis of their division's profitability.

3. Invoices received from outside suppliers are filed with purchase orders.

4. Employees with access to the accounting records are not permitted to open the mail because it contains many payments by check from customers.

5. The extent of access to the many segments of the company's computer system is tightly controlled by individual identification cards and passwords that change at regular intervals.

6. Each shipment to customers from inventory is recorded on a specially printed form bearing a sequential number; these forms are the basis for entries into the computer system, which makes entries to inventory records and produces periodic reports of sales and shipments.

7. At regular intervals, internal audit reviews a sample of expenditure transactions to determine that payment has been made to a bona fide supplier and that the related goods or services were received and appropriately used.

8. A construction company stores large steel girders in an open yard surrounded by a 5-foot fence and stores welding supplies in a controlled-access, tightly secured concrete building.

9. Cash registers display the price of each item purchased to the customer as it is recorded and produce a customer receipt that describes each item and gives its price.

10. The person in the controller's office who prepares and mails checks to suppliers cannot make entries in the general ledger system.