XYZ Company's bank statement shows a balance of $8,500, while its internal records indicate a balance of $9,200. During the bank reconciliation process, the following information is discovered:

• Outstanding checks total $1,200.
• Deposits in transit amount to $2,000.
• Bank service charges of $50 have been deducted.
• The company recorded a check for $500 as $50 in its records.

What is the adjusted cash balance for XYZ Company after completing the bank reconciliation?

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