What should be the emphasis in the verification of notes payable in this situation? Explain.
The ending general ledger balance of $568,000 in notes payable for the Kolman Production Company is made up of 20 notes to nine different payees. The notes vary in duration anywhere from 30 days to two years, and in amounts from $10,000 to $50,000. In some cases, the notes were issued for cash loans; in […]