0 On June 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Al Franklin, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $295. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. Read the requirements. Requirement 1. Explain the characteristics and the internal control features of an imprest fund. An imprest fund has balance at all times, which equals the sum of plus the that support payments from the fund. The internal control feature of an imprest fund is that it the amount of money for which the fund custodian is responsible Requirement 2. On June 30, how much cash should the petty cash fund hold before is replenished? Before it is replenished, the petty cash fund should hold cash of Requirement 3. Journalize all required entries to create the fund and replenish it. Include explanations. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the creation of the fund. Date Accounts and Explanation Debit Credit Data Table June 1 Petty Cash Ticket Number Item Amount Ticket No. 101 $ 5 Ticket No. 102 10 Office supplies Cab fare for executive Delivery of package across town Business dinner Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Ticket No. 103 40 Ticket No. 104 95 Date Accounts and Explanation Debit Credit Ticket No. 105 Merchandise inventory 80 June 30 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. On June 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Al Franklin, the fund custodian, signs the following petty cash tickets: : (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $295. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. Read the requirements. Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit June 30 Requirement 4. Make the July 1 entry to increase the fund balance to $700. Include an explanation, and briefly describe what the custodian does. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Make the entry July 1 to increase the fund balance to $700. Date Accounts and Explanation Debit Credit July 1 Choose from any list or enter any number in the input fields and then continue to the next question. ? o On June 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Al Franklin, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $295. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. Read the requirements Requirement 4. Make the July 1 entry to increase the fund balance to $700. Include an explanation, and briefly describe what the custodian does. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Make the entry July 1 to increase the fund balance to $700. Date Accounts and Explanation Debit Credit July 1 Briefly describe what the custodian does. The custodian the check and places of currency and coin Choose from any list or enter any number in the input fields and then continue to the next