On June 1, Farm Grown Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Al Franklin, 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 $270. 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. plus the total of the tickets that support payments from the fund. The internal control feature of an imprest fund is that it An imprest fund has the same balance at all times, which equals the sum of cash in the fund clearly identifies the amount of money for which the fund custodian 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 $ 260 credito Calot the c onstientholootlic of the journal entry table.) - X Requirement 3. Journalize all required entries to create the fund and replenish it. Include explanations Decod dobite first the Begin by journalizing the creation of the fund. Data Table Date Accounts and Explanation Debit Credit June 1 Petty Cash 500 Cash Petty Cash Ticket Number 500 Item Amount 101 To open the petty cash fund. 102 103 Office supplies Cab fare for executive Delivery of package across town Business dinner Merchandise inventory 104 105 i Requirements Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit June 30 Office Supplies Travel Expense Delivery Expense Entertainment Expense Merchandise Inventory Cash Short and Over Cash 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 $550. Include an explanation, and briefly describe what the custodian does. To replenish the petty cash fund