Part 1 Mei-ling is struggling to keep up with the recording of her accounting transactions. She is spending a lot of time marketing and selling mixers and giving her classes. Her friend John is an accounting student who runs his own accounting service. He has asked Mei-ling if she would like to have him do her accounting. John and Mei-ling meet and discuss her business. John suggests that he do the following for Mei-ling. 1. Hold cash until there is enough to be deposited. (He would keep the cash locked up in his vehicle). He would also take all of the deposits to the bank at least twice a month. 2. Write and sign all of the checks. 3. Record all of the deposits in the accounting records. 4. Record all of the checks in the accounting records. 5. Prepare the monthly bank reconciliation. 6. Transfer all of Mei-ling's manual accounting records to his computer accounting program. John maintains all of the accounting information that he keeps for his clients on his laptop computer. 7. Prepare monthly financial statements for Mei-ling to review. 8. Write himself a check every month for the work he has done for Mei-ling. Instructions Identify the weaknesses in internal control that you see in the system John is recommending. Can you suggest any improvements if Mei- ling hires John to do the accounting