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The following procedures were recently installed by Raspberry Creek Company: a. After necessary approvals have been obtained for the payment of a voucher, the treasurer

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The following procedures were recently installed by Raspberry Creek Company: a. After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing. b. The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval. c. Along with petty cash expense receipts for postage, office supplies, etc., several post-dated employee checks are in the petty cash fund. d. At the end of the day. cash register clerks are required to use their own funds to make up any cash shortages in their registers. e. At the end of each day, all cash receipts are placed in the bank's night depository. f. At tile end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank. g. All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts. h. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer. Indicate whether each of the procedures of internal control over cash represents (1)a strength or (2) a weakness. For each weakness, indicate why it exists. Cactus Restoration Company completed the following selected transactions during May 2016: Oct, 1. Established a petty cash fund of $750. 12. The cash sales for the day, according to the cash register records, totaled $12, 440. The actual cash received from cash sales was $12, 465. 31. Petty cash on hand was $157. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt

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