On October 29 of the current year, McDowell Company received a bank statement dated October 28. The following information is obtained from the bank statement and from the records of the business:
Bank statement balance $1,625.00
Bank service charge 3.00
Outstanding checks: No. 123 $ 80.00
No. 125 75.00
Outstanding deposit: October 28 $300.00
Checkbook balance on Check Stub No. 126 $1,477.00
Given the information above, calculate the adjusted checkbook balance.
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