On June 1, Farm Grown 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 $260. 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 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 fund. The internal control feature of an imprest fund is that it 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 Data Table A Requirements Petty Cash Ticket Number Item Amount $ 15 25 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. Joumalize all required entries to create the fund and replenish it Include explanations. 4. Make the July 1 entry to increase the fund balance to S600. Include an explanation, and briefly describe what the custodian does. Ticket No. 101 Ticket No. 102 Ticket No. 103 Ticket No. 104 Ticket No. 105 Office supplies Cab fare for executive Delivery of package across town Business dinner Merchandise Inventory 5 90 110 Enter any number in the edit fiel Print Done Print Done ? 4 parts 1 Clear All Check Answer remaining