Internal control: Q: the person who opens the mail for Regent, Bill Stevens, stole...
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Accounting
Internal control:
Q: the person who opens the mail for Regent, Bill Stevens, stole a checks from a customer and cashed it. To cover up the theft, He debited sales return and allowances and credited account receivable in the general ledger. he also posted the amount to the customer;s account in the account receivable subsidiary ledger.
Describe any violations of good internal control procedures and identify the steps that you would take to prevent each situation.
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