Problem 12-35 Items 1 through 10 below present various internal control strengths or internal control deficiencies. For each, indicate whether the item represents an 1. A. internal control strength for the revenue cycle. 2. B. internal control deficiency for the revenue cycle. 3. C. For each item that you answered (B), explain the nature of the deficiency. Item 1. Credit is granted by a credit department. 2. Once shipment occurs and is recorded in the sales journal, all shipping documents are marked "recorded by the accounting staff. 3. Sales returns are presented to a sales department clerk who prepares a written, prenumbered receiving report. 4. Cash receipts received in the mail are received by a secretary with no recordkeeping responsibility. 5. Cash receipts received in the mail are forwarded unopened with remittance advices to accounting. 6. The cash receipts journal is prepared by the treasurer's department. 7. Cash is deposited weekly. 8. Statements are sent monthly to customers. 9. Write-offs of accounts receivable are approved by the controller. 10. The bank reconciliation is prepared by individuals independent of cash receipts recordkeeping. Strength/Deficiency