Please prepare excel flowchart. Kreton Corporation, your new audit client, processes its sales and cash receipts in the following manner: Page 327 (1) Sales. Salesclerks prepare sales invoices in triplicate. The original and second copy are presented to the cashier, and the third copy is retained by the sales clerk in the sales book. When the sale is for cash, the customer pays the sales clerk, who presents the money to the cashier with the invoice copies. A credit sale is approved by the cashier from an approved credit list. After receiving the cash or approving the invoice, the cashier validates the original copy of the sales invoice and gives it to the customer. At the end of each day, the cashier recaps the sales and cash received, files the recap by date, and forwards the cash and the second copy of all sales invoices to the accounts receivable clerk. The accounts receivable clerk balances the cash received with cash sales invoices and prepares a daily sales summary. Cash sales are posted by the accounts receivable clerk to the cash receipts journal, and the daily sales summary is filed by date. Cash from cash sales is included in the daily bank deposit (preparation of the bank deposit is described with cash receipts in the following section). The accounts receivable clerk posts credit sales invoices to the accounts receivable ledger and then sends all invoices to the inventory control clerk in the sales department. The inventory clerk posts to the inventory control cards and files the sales invoices numerically.

Able, an accounts payable supervisor for ABC Company, bought supplies for a company he owned on the side. Able entered vouchers in ABC Company’s accounts payable system for the cost of the supplies. Checks were cut to pay for these unauthorized expenses during normal daily check runs. The goods ordered were drop-shipped to a location where Able could collect them. This is an example of: a. An expense reimbursement scheme b. A commission scheme c. A billing scheme d. An invoice kickback scheme

In QuickBooks Online, the Customer List serves as the accounts receivable subsidiary ledger for the company. O a cash receipts journal. the sales journal. the accounts payable subsidiary ledger for the company.

Each of the below describes a procedure consistent with a strong system of internal control except…   Question 7 options:   The customer order department determines when a sale has occurred and should be recorded.   The accounts payable department agrees purchase requisitions, purchase orders, receiving reports, and invoices prior to payment.   Quantities ordered are excluded from the receiving department copy of a purchase order so receiving personnel count and inspect merchandise received.   The use of remittance advices for customers' payments on accounts receivable received in the mail.

The following procedures were recently implemented by SUP Yoga Co.: Each cashier is assigned a separate cash register drawer to which no other cashier has access. All sales are rung up on the cash register, and a receipt is given to the customer. All sales are recorded on a record locked inside the cash register. At the end of a shift, each cashier counts the cash in his or her cash register, unlocks the cash register record, and compares the amount of cash with the amount on the record to determine cash shortages and overages. Checks received through the mail are given daily to the accounts receivable clerk for recording collections on account and for depositing in the bank. Vouchers and all supporting documents are stamped PAID after being paid by the treasurer. Disbursements are made from the petty cash fund only after a petty cash receipt has been completed and signed by the payee. The bank reconciliation is prepared by the accountant. Instructions: Indicate whether each of the…

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