Use the Following Diagram to Answer the Following Questions

question 5

Multiple Choice

Use the following diagram to answer the following questions:

-The total economic benefit under perfect competition would be

• A) 2,700
• B) 1,350
• C) 675
• D) 500

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Definitions:

Deposits In Transit

Funds that have been received and recorded by a business but not yet processed by the bank.

Outstanding Checks

Checks that have been written and recorded in a check register but have not yet been cleared or cashed by the bank.

Service Charges

Fees charged by service providers for the services they offer, which can include monthly fees, transaction fees, or specific service-related fees.

Reconcile Window

A feature in accounting software that helps in comparing internal financial records with bank statements to ensure accuracy.