Just Hangin' Night Club maintains an imprest petty cash fund of $250, which is under the control of Sandra Morgan. At March 31, the fund holds $24 cash and petty cash tickets for office supplies, $187, and delivery expense, $45. Read the requirements. Requirement 1. Complete the following to explain how an imprest petty cash system works. Maintaining the Petty Cash account at its is the nature of an imprest system. The imprest system requires that, the petty cash box contains . This clearly identifies the and it is the system's main internal control feature. , Requirement 2. Journalize the establishment of the petty cash fund on March 1 and the replenishment of the fund on March 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the establishment of the petty cash fund on March 1. Date Accounts and Explanation Debit Credit Mar. 1 Now journalize the replenishment of the fund on March 31. (Prepare a single compound journal entry.) Just Hangin' Night Club maintains an imprest petty cash fund of $250, which is under the control of Sandra Morgan. At March 31, the fund holds $24 cash and petty cash tickets for office supplies, $187, and delivery expense, $45. Read the fequirements. Requirement 1. Complete the following to explain how an imprest petty cash system works. Maintaining the Petty Cash account at its V is the nature of an imprest system. The imprest system requires that, the petty cash box contains This clearly identifies the and it is the system's main internal control feature. Requirement 2. Journalize the establishment of the petty cash fund on March 1 and the replenishment of the fund on March 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the establishment of the petty cash fund on March 1. Date Accounts and Explanation Debit Credit Mar. 1 Now journalize the replenishment of the fund on March 31. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit Mar. 31 Requirement 3. Prepare a T-account for Petty Cash, and post to the account. What is the balance of the Petty Cash account at all times? Post the applicable entry to the Petty Cash T-account below. Use a "Bal." reference to show the ending balance of the account. Petty Cash The Petty Cash balance at all times is $