PF8-24A (similar to) Red Town Productions makes on credit cash receipts arrive by mall Craig Chipello the marom derkopens anvelopes and separates the checks from the accompanying rumitance addies Chipelo forwards the checks to another employee who makes the daily bank deposit but has no access to the accounting recos Chipses thermitance adviwich show cash received, to the accounting department for entry in the accounts. Chipelo's only other duty is to grant sales towances to custom Alone decreases the customers account receivable) When Chipelo receives a customer check for $550 a $40 che records thence and forwards the document to the accounting department Requirement de thermal controles in this on work-Ch Homework B-Graded - Google Chrome l.com/Student/PlayerHomework.aspx?homeworldid=587274651&questionid=3&flushed true&cd=6349540¢erwiny ey ACG2001- Principles of Accounting! Sophie Deleazard & mework: Ch 8 Homework B - Graded HW Score: 4 7 of 8 (6 complete) : 0 of 2 pts 3-24 A (similar to) Towne Productions makes all sales on credit Cash receipts arrive by mail Craig Chipello, the mallroom clerk, opens envelopes and sep accompanying remittance advices Chipello forwards the checks to another employee who makes the daily bank deposit but has no acce cords Chipello sends the remittance advices, which show cash received to the accounting department for entry in the accounts Chipello's les allowances to customers (A sales allowance decreases the customer's account receivable) When Chipello receives a customer check Howance he records the sales allowance and forwards the document to the accounting department Read the requirements Requirements Requirement 1. Identify the internal 1. Identify the internal control weakness in this situation 2. Who should record sales allowances? 3. What is the amount that should be shown in the ledger for cash receipts? Done Chooned on the new Che 2 COOTER ETT PF8-24A (similar to) Red Town Productions makes on credit cash receipts arrive by mall Craig Chipello the marom derkopens anvelopes and separates the checks from the accompanying rumitance addies Chipelo forwards the checks to another employee who makes the daily bank deposit but has no access to the accounting recos Chipses thermitance adviwich show cash received, to the accounting department for entry in the accounts. Chipelo's only other duty is to grant sales towances to custom Alone decreases the customers account receivable) When Chipelo receives a customer check for $550 a $40 che records thence and forwards the document to the accounting department Requirement de thermal controles in this on work-Ch Homework B-Graded - Google Chrome l.com/Student/PlayerHomework.aspx?homeworldid=587274651&questionid=3&flushed true&cd=6349540¢erwiny ey ACG2001- Principles of Accounting! Sophie Deleazard & mework: Ch 8 Homework B - Graded HW Score: 4 7 of 8 (6 complete) : 0 of 2 pts 3-24 A (similar to) Towne Productions makes all sales on credit Cash receipts arrive by mail Craig Chipello, the mallroom clerk, opens envelopes and sep accompanying remittance advices Chipello forwards the checks to another employee who makes the daily bank deposit but has no acce cords Chipello sends the remittance advices, which show cash received to the accounting department for entry in the accounts Chipello's les allowances to customers (A sales allowance decreases the customer's account receivable) When Chipello receives a customer check Howance he records the sales allowance and forwards the document to the accounting department Read the requirements Requirements Requirement 1. Identify the internal 1. Identify the internal control weakness in this situation 2. Who should record sales allowances? 3. What is the amount that should be shown in the ledger for cash receipts? Done Chooned on the new Che 2 COOTER ETT
