When you reconciled your chequebook, you had an adjusted bank balance of $2,650. You had 6 cheques outstanding with a total value of $4,100 and 2 outstanding deposits worth $1,200 each. What is the amount of your collection float?

Question

Quizplus · Accepted Answer

The collection float is the amount of the outstanding deposits, which are 2 deposits worth $1,200 each, totaling $2,400.

When You Reconciled Your Chequebook, You Had an Adjusted Bank