First off, it sounds like you are measuring the AC to ground. We are talking about AC here; not DC. You have to check AC across both output leads of the xformer. Then test the output voltage across both DC outputs of the rectifier.The rectifier does not appear to be wired up wrong.
The 2 yellow wires coming from the transformer go into the 2 terminals marked "ac"
The red wire comes out of the terminal marked +
The white wire comes out the terminal marked -
With my meter on the 20 ACV setting, I get 12.24 out of one yellow AC wire, I get 11.94 out of the other.
Switch it back to DC volts,
I get nothing out of the red wire marked +
Usually, these xformers put out about 18-22vac. It then goes thru the rectifier and there is a couple of volts dropped down - max. Then the 10,000uf cap smooths whatever AC ripple is left on that line. Then the voltage reg circuit will bring it to 14.3vdc when VR601 is adjusted properly.
Use the schematic.
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