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Everyday Supplies Pty Ltd is a single-store retailer that sells a variety of tools, garden supplies, timber, small appliances, and electrical fixtures to the public, although about half of Everyday Supplies' sales are to construction contractors on account. Retail customers pay for merchandise by cash or credit card at cash registers when merchandise is purchased. A contractor may purchase merchandise on account, if approved by the credit manager based only on the manager's familiarity with the contractor's reputation.
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Problem 1: Describe five (5) internal control weaknesses in Everyday Supplies' internal control for the cash receipts and billing functions and explain why they are weaknesses for two (2) that you have identified.
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