On June 1, Fab Salad Dressings creates a petty cash hund with an imprest balance of $300. During June, Al Franklin, the fund custodian, signs the following peny 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 $90. The accounts affected by pelty cash payments are Ofice Supplies, Travel Expense, Delivery Fxpense, Entertainment Expense, and Merchandise inventory Read the requirements Requirement 1. Explain the characteristics and the internal control features of an imprest und An imprest fund has the same balance at all times, which equals the sum of cash in the fund plus the total of the tickets that support payments from the land. The nemal control featu It clearly idees the amount of money for which the fund custodia is responsible 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 $ 70 include explanations. Record debts first, then, credits. Select the explanation on the last line of the journal entry table) Requirement 3. Journalize all required entries to create the fund and replenish Begin by journalizing the creation of the fund. Date Accounts and Explanation Debit June 1 Petty Cash Cash Credit Choose from any list or enter any number in the input fields and then click Check Answer On June 1, Fab Salad Dressings creates a petty cash hund with an imprest balance of $300. During June, Al Franklin, the fund custodian, signs the following peny 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 $90. The accounts affected by pelty cash payments are Ofice Supplies, Travel Expense, Delivery Fxpense, Entertainment Expense, and Merchandise inventory Read the requirements Requirement 1. Explain the characteristics and the internal control features of an imprest und An imprest fund has the same balance at all times, which equals the sum of cash in the fund plus the total of the tickets that support payments from the land. The nemal control featu It clearly idees the amount of money for which the fund custodia is responsible 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 $ 70 include explanations. Record debts first, then, credits. Select the explanation on the last line of the journal entry table) Requirement 3. Journalize all required entries to create the fund and replenish Begin by journalizing the creation of the fund. Date Accounts and Explanation Debit June 1 Petty Cash Cash Credit Choose from any list or enter any number in the input fields and then click Check
