Who is generally responsible for opening receipts when a company uses a lockbox to speed the handling of cash receipts?
A)Company personnel
B)Temporary employees in the town where the lockbox is located
C)Bank employees
D)Company controller

Question

Quizplus · Accepted Answer

When a company uses a lockbox, the bank is responsible for opening the receipts and depositing the funds into the company's account. This helps speed up the handling of cash receipts because the bank is able to process the deposits quickly and efficiently. Therefore, bank employees are generally responsible for opening receipts when a company uses a lockbox.

Who Is Generally Responsible for Opening Receipts When a Company