Problemat jungle industries all sales are on account, Ask an Expert

Accounting

Problem

At Jungle Industries, all sales are on account. Domenic Marconi is responsible for mailing invoices to customers, recording the amount billed, opening mail, recording the payment, and making deposits to the bank. Domenic is very devoted to the family business and never takes off more than one or two days for a long weekend. The customers know Domenic and sometimes send personal notes with their payments. Another clerk handles all aspects of accounts payable. Domenic's brother, who is president of Jungle Industries, has hired an accountant to help with expansion.

REQUIRED:

1. List some problems with the current accounts receivable system.
2. What suggestions would you make to improve internal control?
3. How would you explain to Sienna that she personally is not the problem?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92721371

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