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On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Triton issued a 9-month, 12% promissory note. Interest was payable at maturity. Triton's fiscal period is the calendar year.
Required:
a. Prepare the journal entry for the issuance of the note by Triton.
b. Prepare the appropriate adjusting entry for the note by Triton on December 31, 2011.
c. Prepare the journal entry for the payment of the note at maturity.
From the audit perspective, what are the main risks areas in MPA? Prepare a formal proposal to be submitted to theChairman of MPA
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Classify the main account or group of accounts affected by this risk in the audit plan.
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Prepared in good form a working paper and conclude whether the auditor can rely on the control of authorization of credit. Your working paper could add the sampling steps identified in the textbook for tests of controls.
The importance of internal controls ... a little side trip due to current events: This is an article that highlights the importance of internal controls in managing financial functions (and by extension to managing all business functions). Can you..
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