The following procedures are used by Complete Wholesale

Incorporated a All #2722

The following procedures are used by Complete Wholesale Incorporated.a. All sales are made
on account, with each sale being indicated on a sequentially numbered sales invoice.b.
Customer payments are received in the mail by the office receptionist, who sends the checks to
a cashier for deposit and the remittance advices to the accounting department for recording
against the customer’s account balance.c. The office receptionist is assigned the job of
handling all customer complaints.d. When a customer has a legitimate complaint about goods
sold to the customer on account, the receptionist will phone the accounting department to
request that the customer’s account be credited for the sales allowance.e. The company’s
inventory is stored in a locked warehouse that is monitored by surveillance cameras.f.
Payments to the company’s suppliers are made only after the supplier’s invoice is received
and compared to the receiving report.Required:1. Indicate whether each procedure represents a
strength or weakness. Explain your reasons.2. For each weakness, describe a change in
procedures that would address the weakness.View Solution:
The following procedures are used by Complete Wholesale Incorporated a All

ANSWER
http://paperinstant.com/downloads/the-following-procedures-are-used-by-complete-wholesale-
incorporated-a-all/

1/1
Powered by TCPDF (www.tcpdf.org)