Indicate whether procedure is good or weak internal control. E7.6 (LO 1, 2), C The following are five procedures followed by Gilmore Company. 1. Employees are required to take vacations. 2. Any member of the sales department can approve credit sales. 3. Paul Jaggard ships goods 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 internal 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 Related Good Internal or Control Weak? Principle IC 2. - + 3 4. 5 Prepare bank reconciliation and adjusting entries. E7.9 (LO 3), AN Rachel Sells is unable to reconcile the bank balance at January 31. Rachel's reconciliation is shown here. $3,677.20 450.00 28.00 $4,099.20 Cash balance per bank Add: NSF check Less: Bank service charge Adjusted balance per bank Cash balance per books Less: Deposits in transit Add: Outstanding checks Adjusted balance per books Instructions $3,975.20 590.00 770.00 $4,155.20 a. What is the proper adjusted cash balance per bank? b. What is the proper adjusted cash balance per books? c. Prepare the adjusting journal entries necessary to determine the adjusted cash balance per books