Question 1: Internal Control: Certain fundamental internal control principles apply to all companies. There are 7 principles of internal control. Required (a) Review the list below and determine which controls are missing Required (b) Add the missing internal controls to the list below Establish responsibilities Divide responsibility for related transactions Perform regular and independent reviews 32 Question 2: Petty Cash Bacardi Company established a $150 petty cash fynd with Eminem as the petty cashier. When the fund balance reached $19 cash, Eminent prepared a petty cash payments report shown below: Potty Cash Payments Report Receipt No. Account Charged Approved by Received by 12 Delivery Expense............ $ 29 Eminem A. Smirnoff 13 Merchandise Inventory 18 Eminem 1. Daniels 15 (Omitted) Eminom Carlsberg 16 Miscellaneous Expense. 41 Omitted J. Wer Total $120 Required: 1. Identify four internal control weaknesses from the petty cash payments report. 2. Prepare general journal entries to record the following: a. Establishment of the petty cash fund. b. Reimbursement of the fund. (Assume for this part only that petty cash Receipt No. 15 was issued for miscellaneous expenses.) 3. What is the Petty Cash account balance immediately before reimbursement? 4. What is the Petty Cash account balance Immediately after reimbursement