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QUESTION 2. (40 POINTS) DDE Co., a merchandising company, uses a petty cash fund system. The fund was established on June 1 with a balance of $100. On June 15 the following cash receipts were found in the petty cash box along with an $8 cash balance. Date June 2 8 10 14 Receipt no. 00201 00202 00203 00204 Description Office Supplies Freight-In Travel expenses Miscellaneous Amount $25 15 40 14 The fund was replenished on Jun 15 Required a) Journalize the entries in June that pertain to the operation of the petty cash fund (15 points) b) Explain how internal control principles are applied in a petty cash fund system. (15 points) c) Explain what is a bank reconciliation and why is it needed. (10 points) QUESTION 3. (30 POINTS) Mil-Mil Company., a dairy products manufacturing company, purchased new equipment on January 1, 2020. The purchase price was $18,000 and installation costs paid by the company were $2.000. The company estimated that the equipment will have a residual value of $1,000. Useful life of the equipment is expected to be 10,000 working hours, or 5 years. Required Prepare the necessary journal entries to record equipment depreciation for 2021 (the second year of the useful life) using: a) Straight-Line method (10 points) b) Units-of-activity method, assuming that in 2021 the equipment was used for 2,500 hours (10 points) c) Declining-balance method using double the rate of straight-line method (10 points) I Note: Show computations for each of the methods