Concerning How Companies Control Cash Received by Mail,state Which Employee

question 238

Essay

Concerning how companies control cash received by mail,state which employee should perform the following duties:
$$\begin{array} {| l | l | } \hline \text { Duty } & \begin{array} { l } \text { Employee who should } \\\text { perform the duty }\end{array} \\\hline \text { Use the remittance advices to } & \\\text { record the journal entries for } & \\\text { cash receipts } & \\\hline \text { Deposit the customer checks } & \\\text { in the bank } & \\\hline\end{array}$$

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Definitions:

Income Taxes

Taxes imposed on individuals or entities' net income by the government to fund public expenses.

Total Assets

The sum of all current and noncurrent assets owned by a business, reflecting its overall resources.

LIFO Reserve

The difference between the cost of inventory calculated under the Last-In, First-Out (LIFO) method and its cost calculated under the First-In, First-Out (FIFO) method.

Cost of Goods Sold

Direct costs attributable to the production of the goods sold by a company, including material and labor expenses.