Question: Mini Computer Solutions makes all sales on account, so virtually all cash receipts arrive in the mail. Luke Hill, the company president, has just returned

Mini Computer Solutions makes all sales on account, so virtually all cash receipts arrive in the mail. Luke Hill, the company president, has just returned from a trade association meeting with new ideas for the business. Among other things, Hill plans to institute stronger internal controls over cash receipts from customers.

Requirement
1. Take the role of Luke Hill, the company president. Write a memo to employees outlining procedures to ensure that all cash receipts are deposited in the bank and that the total amounts of each day’s cash receipts are posted to customer accounts receivable.

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