7-1,3 7-42. Island Trading Co., a client of your CPA firm, has requested your advice on the fo problem. It las three clerical employees who must perform the following functions onni (1) Maintain general ledger (2) Maintain accounts payable ledger (3) Maintain accounts receivable ledger (4) Maintain cash disbursements journal and prepare checks for signature. (5) Issue credit memos on sales returns and allowances. (6) Reconcile the bank account. (7) Handle and deposit cash receipts. Assuming that there is no problem as to the ability of any of the employees, the requests your advice on assigning the above functions to the three as to achieve the highest degree of internal control. It may be assumed that these empl will perform no other accounting functions than the ones listed and that any acco tions not listed will be performed by persons other than these three employees. a. List four possible unsatisfactory combinations of the above-listed functions. red: compary employees in such a manner oyes State how you would recommend distributing the above functions among the thre employces. Assume that, with the exception of the nominal jobs of the bank reconcila- tion and the issuance of credits on returns and allowances, all functions require an equal amount of time