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lpt gooas to customers, bills customers, and receives payment from customers. 4. Total cash receipts are compared to bank deposits daily by someone who has no other cash responsibilities. 5. Time clocks are used for recording time worked by employees Instructions Indicate whether each procedure is an example of good internal control or of weak inter- nal control. If it is an example of good internal control, indicate which internal control principle is being followed. If it is an example of weak internal control, indicate which internal control principle is violated. Use the table below. Procedure IC Good or Weak? Related Internal Control Principle 2. 3. 5. E8-7 Setterstrom Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1 and July 1 with the following results. entries for a June 1: Cash in fund $1.75. Rececipts: delivery expense $31.25, postage expense $39.00, and miscellaneous expense $25.00. July 1: Cash in fund $3.25. Receipts: delivery expense $21.00, entertainment expense $51.00, and miscellaneous expense $24.75 On July 10, Setterstrom increased the fund from $100 to $130. Instructions Prepare journal entries for Setterstrom Company for May 1, June 1, July 1, and July 10. E8-8 Horvath Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During March, the following petty cash receipts were found in the petty cash box. entries for a

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