The bank would issue a credit memorandum to Marion's Life Management when the bank: O A. discovered a check that was deposited was returned for nonsufficient funds. O B. collects a note receivable from a customer. O C. received the deposits in transit. O D. issues a company electronic funds payment. A petty cash fund is set up: O A. to pay for small expenses. O B. to pay for business meeting expenses only. O C. for the owner to withdraw money for personal use conveniently. OD. to pay for office supplies only. The debit recorded in the journal to establish the petty cash fund is to: O A. Petty Cash O B. Accounts Payable. OC. Cash O D. Accounts Receivable. The May bank statement for Rental shows a balance of $6,400, but the balance per books shows a cash balance of $7,800, Other information includes 1. A check for $190 to pay the electric bill was recorded on the books as $20. 2. Included on the bank statement was a note collected by the bank for $400 plus interest of $20. 3. Checks outstanding totaled $280. 4. Bank service charges were $40. 5. Deposits in transit were $1,890, Which item(s) will require a journal entry to update the balance in the Cash account? O A. Bank service charges, note collected by the bank, and deposits in transit O B. Bank service charges, note collected by the bank, and error made by the Bookkeeper O C. Checks outstanding and deposits in transit OD. None of these answers is correct. Company policy for internal control should include all of the following except: O A. Employees will be rotated twice a year OB. Monthly bank statements should be sent to and reconciled by the same employees who authorize payments and write chocks. OC. The owner (or responsible employee) signs all checks after receiving authorization to pay from the departments concerned. OD. At time of payment, all supporting invoices or documents will be stamped paid