Whole Fruits Market took the following actions to improve internal controls. For each of the following actions, select the internal control principle the company followed. a. Personal ID cards are used to limit access to only authorized employees b. The company divides responsibility for a transaction between multiple departments, c. Each cashier is designated a specific cash drawer and is solely responsible for cash in that drawer a. Preprinted forms are used to reduce the chance of missing transaction details, e. The company's internal auditors frequently assess the performance of internal controls t. Prohibit the recordkeeper from having control over cash. Apply technological controls Divide responsibility for related transactions Establish responsibilities Maintain adequate records Perform regular and independent reviews Separate recordkeeping from custody of assets Determine whether each procedure described below is an Internal control strength or weakness; then identify the internal control violated or followed for each procedure. 1. An employee cannot approve their own request for purchases of inventory. 2. Several salesclerks share the same cash drawer. 3. Employees that handle easily transferable assets such as cash are bonded, 4. The company devotes resources towards keeping accurate accounting records for machinery 5. The company saves money by having employees involved in operations perform the only review of internal controls Weakness or Strength Internal Control Principle 1. 2 3 4 5 Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. . $19,000 cash deposit in checking account. $52,000 bond investment due in 20 years. $13,000 U.S. Treasury bill due in 1 month. $1,000, 3-year loan to an employee. $4,200 of currency and coins $1,300 of accounts receivable. . Checking account Bond investment U.S. Treasury bili Loan to an employee Currency and coins Accounts receivable Cash and cash equivalents Palmona Co. establishes a $260 petty cash fund on January 1. On January 8, the fund shows $155 in cash along with receipts for the following expenditures: postage, $45transportation-in, $12, delivery expenses, $14; and miscellaneous expenses, $34. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $310 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3 View transaction list Journal entry worksheet > 1 2 34 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits General Journal Debit Date Credit Jan 01 Record entry Clear entry View general Journal Required information [The following information applies to the questions displayed below.) Del Gato Clinic's cash account shows a $14,739 debit balance and its bank statement shows $14,350 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,090. b. The June 30 bank statement lists a $55 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $889 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $898, d. The June 30 cash receipts of $2.433 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Bank statement balance Add Deduct Deduct Adjusted bank balance Adjusted book balance Del Gato con car account snow 3 314/39 obalance and its barik sement shows von depositate close of business on June 30. a. Outstanding checks as of June 30 total $2,090. b. The June 30 bank statement lists a $55 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $889 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $898. d. The June 30 cash receipts of $2,433 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction ist X > 1 Record the adjusting entry related to outstanding checks, if necessary 2 Record the adjusting entry related to bank service charges, if necessary 3 Record the adjusting entry related to Check No. 919, necessary Credit 4 Record the adjusting entry related to the June 30 deposit, if necessary. Note: journal entry has been entered Barga Co's net sales for Year 1 and Year 2 are $665,000 and $746,000, respectively. Its year-end balances of accounts receivable follow. Year 1, $60,000, and Year 2. $94.000 a. Complete the below table to calculate the days' sales uncollected at the end of each year. (Round your "Days' Sales Uncollected answer to 1 decimal place.) Choose Numerator Days' Sales Uncollected 1 Choose Denominator: x Days Days' Sales Uncollected Year 1: Year 2: X 1 1 Days' sales uncollected days days x