On June 1, Bash Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Ruth Mangan, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment the fund contains these tickets plus cash of $240. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory Read the requirements, C... Requirement 1. Explain the characteristics and the intemal control features of an impreat fund. that support payments from the fund. The internal control feature of an imprest fund is that it An imprest fund has balance at all times, which equals the sum of plus the the amount of money for which the fund custodian responsible Requirement 2. On June 30, how much cash should the petty cash fund hold before it is replenished? Before it is replenished, the patty cash fund should hold cash of $ Requirement 3. Journalize all required entries to create the fund and replenish it. Include explanations. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by Joumalizing 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 $575. Include an explanation, and briefly describe what the custodian does. (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 $575. Date Accounts and Explanation Debit Credit July 1 Briefly describe what the custodian does. The custodian the check and places $ of currency and coin Data table Petty Cash Ticket Number Item Amount 101 Office supplies $ 35 102 Cab fare for executive 40 103 30 Delivery of package across town Business dinner 104 60 105 Merchandise inventory 110