ing Objective 4 P7-25A Accounting for petty cash transactions On June 1, Fab Salad Dressings creates a petry cash funsdl with an inprest balance of $300 During June, Al Franklin, the fund custodian, signs the following petty can 30, Cash CR $210 Petty Cash Ticket Number Item s 30 20 50 40 101 Office supplies 102 Cab fare for executive 103 104 105 Delivery of package across town Business dinner Merchandise inventory On June 30, prior to replenishment, the fund contains these tickets pluas cah The accounts affected Delvery Espensec, Enterainment Expense, and Merchandise Inventory. Requirements 1. Esplain the characteristics and the intcrnal control features of an imprest fund. 2. On June 30, how much cash should the petry cash fund hold before it is Daered by pety cash pyments are COffice Supplies, Travel Espensc replenished? 3. Jounalize all required entrics to create the fund and replenish it. Include 4. Make the July 1 entry to increase the fund balance to $375, Include an explanation and briefly describe what the custodian does Suppose that on June 1, Rockin' Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $300. During June, Michael Martell, fund custodian, signs the following petty cash tickets: earning Objective 4 P7-26A Accounting for petty cash transactions June 30, Cash CR $160 Petty Cash Ticket Number Amount s 30 25 20 15 65 Item Postage for package received 2 Office party 3 Two boxes of stationery Printer cartridges Business dinner On June 30, prior to replenishment, the fund contains these tickets plus cash of $140. The accounts affected by petty cash payments are Office Supplies, Entertainment Expense, and Postage Espense. Requirements 1. On June 30, how much cash shoald this petty cash fund bold before it is replenished? 2. Journalize all toquired entries to (a) crcate the fund and (b) replenish it. Include explanations 3. Make the entry on July 1 to incrcase the fund balance to $325. Include an explanation