Vida Corporation Gathered the Following Reconciling Information in Preparing Its

question 37

Multiple Choice

Vida Corporation gathered the following reconciling information in preparing its July bank reconciliation: $$\begin{array} { | l | r | } \hline \text { Cash balance per books, July 31 } & \$ 3,500 \\\hline \text { Deposits in transit } & 150 \\\hline \text { Electronic collection of account receivable } & 850 \\\hline \text { Bank charge for cheque printing } & 20 \\\hline \text { Outstanding cheques } & 2,000 \\\hline \text { NSF cheque } & 170 \\\hline\end{array}$$ The adjusted cash balance per books at July 31 is

• A) $4,160.
• B) $4,010.
• C) $2,460.
• D) $2,310.

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Definitions:

Piece-Rate Pay

Piece-rate pay is a compensation system where workers are paid a fixed rate for each unit of production completed.

Stock Options

Financial instruments granted to employees, giving them the right to buy the company's stock at a fixed price in the future.

Sales Commissions

Financial rewards given to sales personnel based on the volume or value of sales they have achieved, serving as an incentive.

Piece-Rate Pay

A compensation system where employees are paid based on the quantity of units they produce or complete.