Final answer:
The correct answer is option D. Upon receiving cash, a responsible employee should prepare a deposit slip in triplicate which is option D. This ensures immediate record-keeping, crucial for accurate financial management within a business framework.
Step-by-step explanation:
The question posed relates to best practices for handling received cash within a business operation. In such scenarios, immediately upon receipt of cash, a responsible employee should prepare a deposit slip in triplicate (Option D). This action ensures that the cash is ready for deposit in the company’s bank account, while creating multiple records of the transaction for accounting and verification purposes.
In the provided scenario, Singleton Bank lends $9 million to Hank's Auto Supply and records it as an asset. When Hank’s Auto Supply deposits this check at First National, it leads to an increase in both deposits and reserves of the bank, subject to the reserve requirement stipulated by the central bank. In this context of banking operations, maintaining accurate and immediate records of cash transactions is crucial.
Therefore, the correct option in response to the question is D) prepare a deposit slip in triplicate.