Your friend Jacob Thomon applied for a summer internship with McClellan Industries.

McClellan set up its internship program for college freshmen two years ago. The program is designed to provide outstanding students who are in their early years of college with some hands-on business experience. McClellan hopes that the students’ experiences will encourage them to pursue some type of business major in college.

After submitting his application, Jacob received a letter from McClellan Industries.

The letter stated that this summer’s remaining internship opening is in its accounting department. It specifically mentioned that the intern will spend the summer helping reengineer the company’s accounts receivable controls and policies. Jacob knows that you are taking this accounting course. He comes over to your place for some advice. He asks several questions:

(1) “What the heck is reengineering?”

(2) “What is the letter from McClellan talking about when it says ‘accounts receivable controls and policies’?” “What are some of these controls and policies?”

(3) “How can accounts receivable controls and policies be reengineered?”

Required: Prepare a written response to each of Jacob’s questions. TYK-1