LOL. What is internal control, and how can it be used to protect a company's assets a) List 5 components of internal control: b) In your own words, briefly describe the Sarbanes-Oxley Act and its purpose. LO4. How can a petty cash fund be used for internal control purposes a) Record the journal entry to create a petty cash fund of $150. Date Accounts and Explanation Debit Credit b) Record the journal entry to replenish the petty cash fund for $60 to keep the $150 balance. Assume Petty cash was used for the following this period: Office Supplies $25; Delivery Expense $30. Date Accounts and Explanation Debit Credit 106. How can the bank account be used as a control device a) What is the adjusted bank balance given the following information: Ending balance according to the bank records is $10,000; outstanding checks are $3,000, and a deposit in transit is $2,000. Show your work. b) What is the adjusted book balance given the following information: Ending balance according to the company's cash account is $9,000; interest revenue earned on bank balance is $50, bank service charge of $30; EFT for payment of utility bill of $100; and NSF check of $40. Show your work. LO7. How can the cash ratio be used to evaluate business performance a) What is the formula for calculating cash ratio? b) If cash balance is $10,000, cash equivalents balance is $20,000, and current liabilities is $5,000, what is the cash ratio? Show your work