On January 1, 2018, Allgood Company purchased equipment and signed a six-year mortgagenote for $186,000 at 15%. The note will be paid in equal annual installments of $49,148, beginningJanuary 1, 2019.
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At July 31, Wildhorse Co. has this bank information: cash balance per bank $7,250, outstanding checks $670, deposits in transit $1,270, and a bank service charge $40. Determine the adjusted cash balance per bank at July 31.
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