Part I (1) What is petty cash and what purpose(s) does it serve? From a journal entry standpoint, how is petty cash set up and how is it replenished? (2) What types of controls should be in place to make sure people in the office don't just take from petty cash (for their own personal use) whenever they feel like it? In your opinion, what is an appropriate amount to have in petty cash? Part II (1) What is the difference between an account receivable and a note receivable? (2) What is the formula for calculating interest on a note receivable? (3) Please calculate the interest on a $10,000, 120-day, 12 percent note. Once you have determined the interest amount, briefly explain what it means. When does the interest get recorded?