creates a petty cash fund with an imprest balance of $300. During June, Sunny Lew cash tickets.) the fund contains these tickets plus cash of $85. The accounts affected by petty cash andise Inventory. Data table (Click the icon to view the pethy cash fickets) On June 30, prior to replenishment, the fund contains these tickets plus cash of $85. The accounts affecled by petty cash payments are Office.Supplies, Travel Expense, Deivery Expense, Entertainment Expense, and Merchandise Inventory. Read the requirements Requirement 1. Explain the characteristies and the intemal 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 intemal control featurc of an imprest fund is that it the amount of money for which the fund custodian is resporisble. Requirement 2. On June 30, how much cash should the petity cash fund hold before it is replenished? Belore is is seplenished, the pety cash fund should hald cash of Requirement 3. Joumalize all required entrios to creale the fund and replenish it. Include explanatcons. (Record dobits first, then, credis, Seloct the erplanaton on the last Ine of the pumal entry table.) Requirement 4, Make the July 1 entry to increase the fund balance to $500. Include an explanation, and boiefly describe what the custodian does. (Record debits frit, then, credits. Select the explanation on the last line of the journal entry table.) Make the entry July 1 to incroase the fund balance to $500. Briefy doscribe what the custodian does. The custodian the check and plices of curteney and coin Requirements 1. Explain the characteristics and the internal control features of an imprest fund. 2. On June 30 , how much cash should the petty cash fund hold before it is replenished? 3. Journalize all required entries to create the fund and replenish it. Include explanations. 4. Make the July 1 entry to increase the fund balance to $500. Include an explanation, and briefly describe what the custodian does. custodian does. creates a petty cash fund with an imprest balance of $300. During June, Sunny Lew cash tickets.) the fund contains these tickets plus cash of $85. The accounts affected by petty cash andise Inventory. Data table (Click the icon to view the pethy cash fickets) On June 30, prior to replenishment, the fund contains these tickets plus cash of $85. The accounts affecled by petty cash payments are Office.Supplies, Travel Expense, Deivery Expense, Entertainment Expense, and Merchandise Inventory. Read the requirements Requirement 1. Explain the characteristies and the intemal 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 intemal control featurc of an imprest fund is that it the amount of money for which the fund custodian is resporisble. Requirement 2. On June 30, how much cash should the petity cash fund hold before it is replenished? Belore is is seplenished, the pety cash fund should hald cash of Requirement 3. Joumalize all required entrios to creale the fund and replenish it. Include explanatcons. (Record dobits first, then, credis, Seloct the erplanaton on the last Ine of the pumal entry table.) Requirement 4, Make the July 1 entry to increase the fund balance to $500. Include an explanation, and boiefly describe what the custodian does. (Record debits frit, then, credits. Select the explanation on the last line of the journal entry table.) Make the entry July 1 to incroase the fund balance to $500. Briefy doscribe what the custodian does. The custodian the check and plices of curteney and coin Requirements 1. Explain the characteristics and the internal control features of an imprest fund. 2. On June 30 , how much cash should the petty cash fund hold before it is replenished? 3. Journalize all required entries to create the fund and replenish it. Include explanations. 4. Make the July 1 entry to increase the fund balance to $500. Include an explanation, and briefly describe what the custodian does. custodian does
