An imprest fund has the same balance at all times, which equals the sum of cash in the fund plus the total of the tickets that support payments from the fund. The internal control feature of an imprest fund is that it clearly identifies 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 it is replenished?

Before it is replenished, the petty cash fund should hold cash of $ 70

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.