Personnel at C& P Company must perform the following functions:

1. Receive checks and remittance advice from customers.

2. Approve vendor invoices for payment and prepare checks.

3. Approve credit memoranda for customer sales returns.

4. Record collections on account from customers.

5. Record customer sales returns.

6. Make daily deposits of cash receipts.

7. Sign payment checks and mail them to vendors.

8. Record cash payments to vendors.

9. Record purchase returns and allowances.

10. Reconcile the bank account each month.

C& P has three employees, Grant, Jordyn, and James, any of whom is capable of performing any of the 10 functions.

Explain how you would divide the 10 functions among the three employees to optimize the segregation of duties control plan discussed in the chapter. Consider only control aspects when allocating the duties. In other words, ignore factors such as the workload of each employee, except that any one employee should be assigned a minimum of two functions. Your solution should also include a one- paragraph explanation of how your design accomplishes the control goals that segregation of duties is supposed to achieve.