On June 1. Cool Salad Dressings creates a petty cash fund with an imprest balance of $350. During June, Sunny Lewis, the fund custodian, signs the folowing petty cash ticket (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, Entertaiment Expense and Merchandise Inventory Read the aument Requirement 1. Explain the characteristics and the internal control features of an imprest fund An imprest fund has balance at all times, which equals the sum of that it the amount of money for which the fund custodian is responsible plus the that support payments trom the fund. The anemal control feature of an ingrest fund is Requirement 2. On June 30, how much cash should the petty cash fund hold before it is replenished? Before it is replenished the petty cash fund should hold cash of Requirement 3. Juumalize all required entries to create the fund and replenish . Include explanations. (Record debits first, then credits Select the explanation in the last foo of the journal entry table) Begin by journalizing the creation of the fund etty cash fund with an ets.) contains these tickets Data table - Xwing petty cash tickets: avel Expense, Delivery Expense, Enterta Petty Cash Ticket Number Item Amount Ticket No. 101 Office supplies $ 30 Ticket No. 102 Cab fare for executive 20 nd the internal contro Ticket No. 103 Delivery of package across town 35 Ticket No. 104 Business dinner 95 all times, which equal from the fund. The internal control featur Ticket No. 105 Merchandise inventory 105 ey for which the fund c n should the petty cas Should hold cash of Print Done es to create the fund a hation on the last line of the journal entry na id th p 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 $400. Include an explanation, and briefly describe what the custodian does. Print Done tty cash tickets: -X pense, Delivery Exper fund. The internal con Requirement 3. Joumalize all required entries to create the fund and replenish it. Include explanations. (Record debits first, then, credits. Select the explanation on the last Ine of the journal entry table Begin by journaling the creation of the fund Datu June 1 Accounts and Explanation Debit Credit (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 Ex Merchandise Inventory Read the equirement Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Date June 30 Accounts and Explanation Debit Credit Requirement 4. Maks the July 1 entry to increase the fund balance to $400. Include an explanation, and briefly describe what the custodian does (Record debts first, then credits. Select the explanation on the last ine of the journal entry table) Make the entry July 1 to increase the fund balance to $400 Date July 1 Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit July 1 Briefly describe what the custodian does. The custodian the check and places of currency and coin