4-16A (book/static) Question Help The following situations describe two cash payment situations and two cash receipt situations. In each pair, one set of internal controls is better than the other. (Click the icon to view the situations.) Requirement 1. Evaluate the internal controls in each situation as strong or weak, and give the reason for your answer. Cash receipts: a. Samson Carpet Mill Auto Parts has internal controls. There is Evaluate the internal controls in each situation as strong or weak, and give the reason for your answer. h receipts: Samson Carpet Mil Auto Par S2 1 nternal internal controls. There is IZ LP OTT Costa *** Cash receipts: a. At Samson Carpet Mill, cash received by mail goes straight to the bookkeeper, who debits Cash and credits Accounts Receivable to record the collections from customers. The bookkeeper then deposits the cash in the bank. b. Cash received by mail at Liberty Dermatology Clinic goes to the mallroom, where a mail clerk opens envelopes and totals the cash receipts for the day. The mail clerk forwards customer checks to the cashier for deposit in the bank and forwards the remittance advices to the accounting department for posting credits to customer accounts. Cash payments: a. Scott Construction policy calls for construction supervisors to request the equipment needed for their jobs. The home office then purchases the equipment and has it shipped to the construction site. b. Remington Home Construction's policy calls for project supervisors to purchase the equipment needed for jobs. The supervisors then submit the paid receipts to the home office for reimbursement. This policy enables supervisors to get the equipment quickly and keep construction jobs moving Print Done k to selec Check Answer 4-16A (book/static) Question Help The following situations describe two cash payment situations and two cash receipt situations. In each pair, one set of internal controls is better than the other. (Click the icon to view the situations.) Requirement 1. Evaluate the internal controls in each situation as strong or weak, and give the reason for your answer. Cash receipts: a. Samson Carpet Mill Auto Parts has internal controls. There is Evaluate the internal controls in each situation as strong or weak, and give the reason for your answer. h receipts: Samson Carpet Mil Auto Par S2 1 nternal internal controls. There is IZ LP OTT Costa *** Cash receipts: a. At Samson Carpet Mill, cash received by mail goes straight to the bookkeeper, who debits Cash and credits Accounts Receivable to record the collections from customers. The bookkeeper then deposits the cash in the bank. b. Cash received by mail at Liberty Dermatology Clinic goes to the mallroom, where a mail clerk opens envelopes and totals the cash receipts for the day. The mail clerk forwards customer checks to the cashier for deposit in the bank and forwards the remittance advices to the accounting department for posting credits to customer accounts. Cash payments: a. Scott Construction policy calls for construction supervisors to request the equipment needed for their jobs. The home office then purchases the equipment and has it shipped to the construction site. b. Remington Home Construction's policy calls for project supervisors to purchase the equipment needed for jobs. The supervisors then submit the paid receipts to the home office for reimbursement. This policy enables supervisors to get the equipment quickly and keep construction jobs moving Print Done k to selec Check
