(Click the icon to view the petty cash tickets.) and Merchandise Inventory. Read the requirements. Data table Requirement 1. Explain the characteristics and the internal control features of an i An imprest fund has balance at all times, which equals the sum of fund is that it the amount of money for which the fund custodian Requirement 2. On June 30 , how much cash should the petty cash fund hold befo 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. Begin by journalizing the creation of the fund. 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 impresi 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 it is replenished? Before it is replenished, the petty cash fund should hold cash of Begin by journalizing the creation of the fund. Journalize the replenishment of the fund. (Prepare a single compound journal entry.) last line of the journal entry table.) Make the entry July 1 to increase the fund balance to $700. last line of the journal entry table.) Make the entry July 1 to increase the fund balance to $700. Briefly describe what the custodian does. The custodian the check and places of currency and coin Journalize the replenishment of the fund. (Prepare a single compound journal entry.) last line of the journal entry table.) Make the entry July 1 to increase the fund balance to $700