The division of the following duties is meant to provide the best possible controls for the Meridian Paint Company, a small wholesale store:

1. Approve credit for customers included in the customer credit master file.

2. Input shipping and billing information to bill customers, record invoices in the sales journal, and update the accounts receivable master file.

3. Open the mail and prepare a prelisting of cash receipts.

4. Enter cash receipts data to prepare the cash receipts journal and update the accounts receivable master file.

5. Prepare daily cash deposits.

6. Deliver daily cash deposits to the bank.

7. Assemble the payroll time cards, input the data to prepare payroll cheques, and update the payroll journal and payroll master files.

8. Sign payroll cheques.

9. Assemble supporting documents for general and payroll cash disbursements.

10. Sign general cash disbursement cheques.

11. Input information to prepare cheques for signature, record cheques in the cash disbursements journal, and update the appropriate master files.

12. Mail cheques to suppliers and deliver cheques to employees.

13. Cancel supporting documents to prevent their reuse.

14. Update the general ledger at the end of each month and review all accounts for unexpected balances.

15. Reconcile the accounts receivable master file with the control account and review accounts outstanding more than 90 days.

16. Prepare monthly statements for customers by printing the accounts receivable master file then mail the statements to customers.

17. Reconcile the monthly statements from vendors with the accounts payable master file.

18. Reconcile the bank account.

REQUIRED

You are to divide the accounting-related duties 1 through 18 among Robert Smith, James Cooper, and Mohini Singh. All of the responsibilities marked with a dagger () are assumed to take about the same amount of time and must be divided equally between Smith and Cooper. Both employees are equally competent. Singh, who is president of the company, is not willing to perform any functions designated by a dagger and will perform only a maximum of two of the other functions.*