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Prepare a Document Flowchart for the Cash Receipts process at Mikes Computer Emporium. Mike Michelson owns and operates a retail and computer consulting business, Mike's
Prepare a Document Flowchart for the Cash Receipts process at Mikes Computer Emporium.
Mike Michelson owns and operates a retail and computer consulting business, Mike's Computer Emporium, in Maryville, Missouri. His brick and mortar store located near the university campus sells laptop computers and accessories. He also offers repair services for laptops and holds training classes at his store location. Mike employs two part time sales clerks to help with the retail sales Mike's mom helps with the accounting by preparing the accounts payable and payroll checks and maintaining the accounts receivable records in QuickBooks. Mike signs all checks for bills and the payroll and he takes care of the cash receipts himself. He believes it is important to be involved in the accounting in order to know how the company is doing financially. The following paragraphs describe the cash receipts process at Mike's Computer Emporium Mike's Computer Emporium takes customer payments in the forms of cash received at the time of the purchase and checks received in the mail from customers to which credit has been extended. At the end of every day, Mike endorses all checks received in the mail and prepares a deposit slip for these checks and the cash received that day from sales He makes a copy of the deposit slip and files it by date before he gives the checks, cash, and deposit slip to his mom to deposit at the local bank on her way home. When checks are received in the mail as payment for accounts receivable due, a remittance slip (turnaround document) is included with the payment. Mike sends this remittance slip
Prepare a Document Flowchart for the Cash Receipts process at Mikes Computer Emporium.
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