When Jane balanced her checkbook, she had an adjusted bank balance of $4,640.

She had 3 outstanding deposits worth $1,000 each and 5 checks outstanding with a total value of $2,300. What is the amount of the collection float on Jane's account?

Question

When Jane balanced her checkbook, she had an adjusted bank balance of $4,640.

She had 3 outstanding deposits worth $1,000 each and 5 checks outstanding with a total value of $2,300. What is the amount of the collection float on Jane's account?

Quizplus · Accepted Answer

The collection float refers to the amount of money represented by checks or deposits that have not yet been processed and cleared by the bank. In Jane's case, this is the total of the outstanding deposits, which is 3 deposits worth $1,000 each, totaling $3,000.

When Jane Balanced Her Checkbook, She Had an Adjusted Bank