cash tickets On June 1, Fab Salad Dressings creates a petty cash fund with an imprest balance of $600. During Juno, Ruth Mangan, the fund custodian, signs the following petty Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $345. The accounts affected by petty cash payments are Office Supplies, Travel Exponse, Delivery Expenso, Entertainment Expense, and Morchandise 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 rosponsible Requirement 2. On June 30, how much cash should the petty cash fund hold before it is roplenished? Before it is toplenished the potty cash fand should hold cash of Requirement 3. Journalizo all required entries to create the fund and replenish it Includo 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. the last une of the journal entry table.) Begin by journalizing the creation of the fund. Date Accounts and Explanation Debit Credit June 1 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 $650. Include an explanation, and briolly describe what the custodian doos (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 $650 Date Accounts and Explanation Debit Credit July 1 Briefly describe what the custodian does. The custodian the check and places of currency and coin nd cu 1 1 Data Table ments Amount $ 25 Petty Cash Ticket Number Ticket No. 101 Ticket No. 102 Ticket No. 103 Ticket No. 104 Ticket No. 105 40 Item Office supplies Cab fare for executive Delivery of package across town Business dinner Merchandise inventory 30 90 80 Print Done