On April 1. Sealy Electronics creates a petty cash fund with an imprest balance of $400. During April, Elise Nelson, the fund custodian, signs the petty cash tickets: Petty Cash Ticket Number Item Amount 101 Office supplies $86.89 102 Cab fare for executive 25.00 103 Delivery of package across town 37.75 104 Dinner money for sales manager entertaining a customer 80.00 105 Inventory 85.70 106 Decorations for office party 19.22 107 Six boxes of floppy disks 44.37 On April 30, prior to replenishment, the fund contains these tickets plus $17.36. The accounts affected by petty cash payments are Office Supplies Expense. Travel Expense. Delivery Expense. Entertainment Expense, and Freight In. Required 1. Explain the characteristics and the internal control features of an imprest fund. 2. Make the general journal entries to

(a) create the fund and

(b) replenish it. Include explanations. Also, briefly describe what the custodian does on April 1 and April 30. 3. Make the May 1 entry to increase the fund balance to $500. Include an explanation, and briefly describe what the custodian does.