Question: Required: 1. For each statement (a)-19), identify the internal control principle being applied. C Two employees (cash collection clarks) are responsible for collecting cash from
Required: 1. For each statement (a)-19), identify the internal control principle being applied. C Two employees ("cash collection clarks") are responsible for collecting cash from the lockers. Based on instructions from a. the office manager, one clerk collects cash from specific locations on the west side of the city and the other collects from specific locations on the east side b. When each cash collection clerk retums with the cash, a supervisor counts the cash and prepares a cash count sheet The supervisor summarizes the cash count shoots in a prenumbered daily cash summary and files the prenumbered cash count sheets by date a The supervisor places the cash in a locked cashbox until it is taken to the bank for deposit e. The supervisor not the cash collection clerks, takes the cash to the bank for deposit The supervisor prepares a duplicate deposit slip, which the bank stamps after the deposit is made to indicate the date and amount of the deposit The supervisor sends the stamped bank deposit slip and daily cash summary to the accountant, who compares them before preparing a journal entry debiting Cash and crediting Locker Rental Revenue
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