The bank statement for Gatlin Co. indicates a balance of $7,735.00 on June 30, 2010. After the journals for June had been posted, the cash account had a balance of $4,098.00. Prepare a bank reconciliation on the basis of the following reconciling items:
Definitions:
Net Income
The profit of a company after all expenses and taxes have been subtracted from total revenue.
Cost of Goods Sold
Costs incurred directly by the production process of goods a company sells, covering both materials and labor.
Unearned Rent Revenue
Payments received by a property owner for rent that are not yet considered earned income, as the rental period they apply to has yet to elapse.
Balance Sheet
A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial position.
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