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. A client receives a substantial number of goods returned. The client records the return when credit memos are issued (usually one to two weeks
. A client receives a substantial number of goods returned. The client records the return when credit memos are issued (usually one to two weeks after the item is returned). A control that would lead to timelier recording of goods returned would be: 1. Prenumbering receiving reports, which are separately identified for goods returned and are used to issue credit memos. 2. Aging schedules of accounts receivable. 3. A reconciliation of customer accounts receivable with the accounts receivable general ledger account. 4. Prenumbering credit memoranda for which all numbers are periodically accounted for. O 1 O2 03 O4
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