The Wikipedia article on acetaldehyde gives the general names of the enzymes that catalyze the oxdiation of ethanol in the liver - alcohol dehydrogenase and acetaldehyde dehydrogenase. Alcohol dehydrogenase catalyzes the oxidation of alcohols to aldehydes:
RCH2OH + NAD+ ––�?gt; RCHO + NADH + H+
Alcohol dehydrogenase is also found in yeast.
Aldehyde dehydrogenases oxidizes aldehydes to carboxylic acids:
RCHO + NADP+ + H2O ––�?gt; RCOOH + NADPH + H+
NADH+ = nicotinamide adenine dinucleotide
NADP+ = nicotinamide adenine dinucleotide phosphate
The observations you are monitoring sound OK to me. If you can, a good thing to also monitor is the pH of the solution. The more acetic acid that is formed, the lower the pH will become.
Steve
Wikipedia article on acetaldehyde: