NotesPay.AccruedInt - 0 M 6232 Propose (AJE #5) to correct...

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Peach Blossom Cologne Company F-1 Notes Payable and Accrued Interest 1-30-10 12-31-09 KA ===================================================================================================== ===================================================================================================== NOTES PAYABLE: Balances 12-31-08 125000 X Additions: Note to Midwestern Mutual Life Insurance Co. dated 5/31/09 due 5-31-19, unsecured, 10 1/5% interest payable on &Y 5-31-10. 150000 R Y Other short-term notes 275000 Payments: 2009 (voucher 4-38) 125000 DP Balance per client 12-31-09 150000 Audit adjustments: (TB-BS) Balance per audit 150000 ACCRUED INTEREST: Balance 12-31-08 10625 X Expense, 2009 C Big City National, due 4-30-09 5313 M Northwestern Mutual, due 5-31-10 919 M # Other short-term
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Unformatted text preview: 0 M 6232 Propose (AJE #5) to correct overstatement (TB-IS) of interest expense and accrued interest: Payments: 2009 (voucher 4-38) 15938 DP 305 Accrued Interest 7831 Balance per client 12-31-09 919 901 Interest Expense 7831 Audit adjustments: (TB-BS) Balance per audit 919 # Confirmed details and amount by direct confirmation. D Traced to cash disbursements journal. X Agreed to prior year's working papers. & Examined client copy of note vouching payee, date of origin, amount, due date, and interest rate. Y Noted proper authorization for borrowing in minutes of Board of Directors' meeting. P Examined paid voucher. M Recalculated interest. R Traced to cash receipts journal. C Confirmed with bank per (A-2)....
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This note was uploaded on 05/16/2011 for the course AC 404 taught by Professor Richardkido during the Spring '10 term at Chaminade University.

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