Question 4 (12 marks) The following internal controls are in place on the sales and receipts cycle of SPACE Ltd 1. 2. Credit is granted by the credit department Sales returns are presented to the sales department. Statements are sent monthly to customers. Write-offs of accounts receivable are approved by the accounting supervisor Cash is deposited with the bank weekly The bank reconciliation is prepared by individuals independent of the cash receipt record keeping Required Classify the above internal controls (items 1. to 6.) into the following categories with explanations to support your answer: Category I - internal control strengths (6 marks) Explanations Internal controls (list out the item numbers) Category II - internal control weaknesses (6 marks) Explanations Internal controls (list out the item numbers)