As of this morning, your firm had a ledger balance of $740 with no outstanding deposits or checks. Today, your firm deposited 5 checks in the amount of $89 each and wrote a check in the amount of $330. What is the amount of the collection float as of the end of the day?

Question

Quizplus · Accepted Answer

The collection float is the total amount of checks deposited that have not yet cleared. The firm deposited 5 checks of $89 each, totaling $445.

As of This Morning, Your Firm Had a Ledger Balance