Identifying internal control weakness in cash receipts K Street Productions makes all sales on credit. Cash receipts arrive by mail. Larry Broaddus, the mailroom clerk, opens envelopes and separates the checks from the accompanying remittance advices. Broaddus forwards the checks to another employee, who makes the daily bank deposit but has no access to the accounting records. Broaddus sends the remittance advices, which show cash received, to the accounting department for entry in the accounts. Broaddus’s only other duty is to grant sales allowances to customers. (A sales allowance decreases the customer’s account receivable.) When Broaddus receives a customer check for $375 less a $40 sales allowance, he records the sales allowance and forwards the document to the accounting department.
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?
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