Notes payable FIGURE 21-4 Cash in bank of principal Audited by TOC and stot Issue of new notes dited by TOC and sTOt Interest expense Audited by AP and TD Types of Audit Tests Interest payable for the Capital Payments of interest→-- nterest Expense→ Acquisition and Audited by Audited OC SToT, and AP TOC STOT, and AP Repayment cycle Ending balance Audited by AP Notes Payable Audited by AP and TDB Tests of Analytical Tests of = competent Arens, Loebbecke; Auditing, 8/E to obtain an understanding transactions procedures+ details of eider of internal control)(ToC) (STOT) (TDB) per GAAS @2000 Prentice hall.IncArens, Loebbecke; Auditing, 8/E ©2000 Prentice Hall, Inc. FIGURE 21 -4 Types of Audit Tests for the Capital Acquisition and Repayment Cycle Notes Payable