Question

When Chris balanced her business check book, she had an adjusted bank balance of $8,911. She had three outstanding deposits worth $349 each and seven checks outstanding with a total value of $948. What is the amount of the collection float on this account

Answer 1

Answer:

$1,047

Explanation:

Chris balances her cheque book and had an adjusted balance of $8,911

She has three outstanding deposits worth $349

Seven outstanding checks with a total value of $948

Therefore the amount of collection float on the account can be calculated as follows

= 3 × $349

= $1,047