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peach transaction, suggest two internal controls you would implement. Justify your response. Here's an example...

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Accounting

peach transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you:

Transaction: Big Marker purchased supplies on account, $100.

Business process: Acquisition/ payment.

Journal entry: Debit Supplies $100. Credit Accounts Payable $100.

please answer this

Elements: Supply is an asset; accounts payable, a liability

Forms: Purchase requisition and purchase order.

Additional information: name of the primary contact person at the vendor, sp type and quantity of supplies purchased (e.g., 10 boxes of paper clips)

Internal controls: Transaction authorizations would ensure that only the Pur department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.

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