Case study (LO2) The following is the description of sales and cash receipts for the Ladys Fashion Fair, a retail store dealing in expensive womens clothing. Sales are for cash or credit, using the stores own billing rather than credit cards. Each salesclerk has her own sales book with prenumbered, three-copy, multicolored sales slips attached, but perforated. Only a central cash register is used. It is operated by the store supervisor, who has been employed for 10 years by Alice Olson, the store owner. The cash register is at the store entrance to control theft of clothes. Salesclerks prepare the sales invoices in triplicate. The original and the second copy are given to the cashier. The third copy is retained by the salesclerk in the sales book. When the sale is for cash, the customer pays the salesclerk, who marks all three copies paid and presents the money to the cashier with the invoice copies. All clothing is put into boxes or packages by the supervisor after comparing the clothing to the description on the invoice and the price on the sales tag. She also rechecks the clerks calculations. Any corrections are approved by the salesclerk. The clerk changes her sales book at that time. A credit sale is approved by the supervisor from an approved credit list after the salesclerk prepares the three-part invoice. Next, the supervisor enters the sale in her cash register as a credit or cash sale. The second copy of the invoice, which has been validated by the cash register, is given to the customer. At the end of the day, the supervisor recaps the sales and cash and compares the totals to the cash register tape. The supervisor deposits the cash at the end of each day in the banks deposit box. The cashiers copies of the invoices are sent to the accounts receivable clerk along with a summary of the