24. Veronica Products directs its customers to mail all payments to a P.O. box that is an address for a lockbox.

Each day the contents of the lockbox are removed and processed by:

A. Veronica Products commercial bank

B. Veronica Products accounts receivable department personnel

C. Veronica Products assistant controller

D. Veronica Products payment processing department personnel

26. Veronica Products directs its customers to mail all payments to a P.O. box that is an address for a lockbox.

The use of a lockbox benefits Veronica Products by:

A. Depositing cash receipts in the companys bank account quickly

B. Minimizing the amount of bad debt losses

C. Increasing the need to segregate duties within the billing and accounts receivable functions

D. Reducing the amount of recordkeeping required relative to accounts receivable