On June 1, Cool Salad Dressings creates a petty cash fund with an imprest balance of $300. During June, Michael Martell, the fund custodian, signs the following petty cash tickets.

On June 30, prior to replenishment, the fund contains these tickets plus cash of $75. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory.

Read the 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 its replenished?

3.) Journalize all required entries to create the fund and replenish it. Include explanations.

3.) Make the July 1 entry to increase the fund balance to $450. Include an explanation, and briefly describe what the custodian does.

P7-25A (similar to Question Help On June 1, Cool Salad Dressings creates a petty cash fund with an imprest balance of $300. During June, Michael Martell, the fund custodian, signs the following petty cash tickets: EEB (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $75. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. Read the requirements Requirement 1. Explain the characteristics and the internal control features of an imprest fund. An imprest fund has the fund. The internal control feature of an imprest fund is that it plus the that support payments from V balance at all times, which equals the sum of Vthe amount of money for which the fund custodian is responsible Click to select your answer(s) and then click Check Answer parts remaining Clear All Check