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:
Interest Payment
The amount paid by a borrower to a lender for the privilege of borrowing money, typically expressed as an annual percentage of the principal.
Stated Interest
The fixed interest rate a bond or loan specifies will be paid to the lender by the borrower.
Bond Issuance
The process by which a borrower issues bonds to investors as a way to raise capital by incurring debt.
Face Value
The nominal value stated on a financial instrument, such as a bond or stock, which indicates its worth at issuance but not necessarily its current market value.
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