Embezzlement of Cash Receipts Braxton Company is a small wholesaler of pet supplies. It has only a few employees. The owner of Braxton Company, who is also its president and general manager, makes daily deposits of customers' checks in the company bank account and writes all checks issued by the com- pany. The president also reconciles the monthly bank statement with the books when the bank state- ment is received in the mail. The assistant to Braxton Company's president renders secretarial services, which include taking dictation, typing letters, and processing all mail, both incoming and outgoing. Each day the assistant opens the incoming mail and gives the president the checks received from customers. The vouchers attached to the checks are separated by the assistant and sent to the bookkeeper, along with any other remittance advices that have been enclosed with the checks. The bookkeeper makes prompt entries to credit customers' accounts for their remittances. From these accounts, the bookkeeper prepares monthly statements for mailing to customers. Other employees include marketing and warehouse personnel. For the thefts described next, explain briefly how each could have been concealed and what pre- cautions you would recommend for forestalling the theft and its concealment: 1. The president's assistant takes some customers' checks, forges the company's endorsements, deposits the checks in a personal bank account, and destroys the check vouchers and any other remittance advices that have accompanied these checks. 2. The same action is taken in 1, except that the vouchers and other remittance advices are sent intact to the bookkeeper.