ste checks in the amount of $28,000. In 32. In the month of May, Kijak Company Inc. wrote checks in the amount of June, checks in the amount of $38,000 were written. In May, $25.000 were presented to the bank for payment, and $33,000 in June. What is the am outstanding checks at the end of May? A) $3,000 B) $5,000 C) $8,000 D) $10,000 33. Cash equivalents include each of the following except A) bank certificates of deposit. B) money market funds. C) petty cash. D) U.S. Treasury bills. 34. The principles of internal control include all of the following excep A) establishment of responsibility. B) combining of duties. C) physical, mechanical, and electronic controls. D) independent internal verification. 35. Having different individuals receive cash, record cash receipts, and hold the cash is an example of A) establishment of responsibility. B) segregation of duties. C) documentation procedures. D) independent internal verification. 36. A bank may issue a credit memorandum for A) a bank service charge. B) an NSF (not sufficient funds) check from a customer. C) the collection of a note receivable for the depositor by the bank. D) the cost of printing checks. 37. Identify which principle of internal control is being followed in each of the following cases. 1. Warehouse employees do not have access to the accounting records. 2. Prenumbered shipping documents are prepared for each shipment of goods. 3. The locked warehouse is accessible only by warehouse employees with keys