In your cash count of the petty cash fund of canon company as of July 4, 2016, you found the following items in the petty cash box:
Bills and coins counted - 1450
approved and signed petty cash vouchers
dated june 2016- 3,300
dated july 1-4, 2016 - 800
IOU from joe santos, an employee - 1,400
a check drawn by victoria, an employee dated july 15,2016 - 2,000
an unsigned pay envelope, payable to a employee on leave, the envelop has been opened and there was no money inside. indicated in the envelop is the amount of 1,500
Required:
a. determine the amount of petty cash fund that will be included in the cash balance at June 30, 2016
b. determine the amount of cash shortage or overage.
c. prepare the necessary adjusting entry to bring the petty cash fund to its correct amount at June 3,2016.