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

Quizplus · Accepted Answer

The collection float is the amount of outstanding deposits that have not yet been credited to the account. In this case, Jane has 3 outstanding deposits worth $1,000 each, so the collection float is $3,000 (3 x $1,000). Therefore, the best choice is B.

When Jane Balanced Her Checkbook, She Had an Adjusted Bank