On June 1, Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Demers, the funmd custodian, signs the following:

Petty Cash Ticket Number	Item	Amount
101	Office Supplies	$ 55
102	Cab fare for executive	40
103	Delivery of package across town	5
104	Business Dinner	95
105	Merchandise Inventory	140

On June 30, prior to? replenishment, the fund contains these tickets plus cash of $190. The accounts affected by petty cash payments are Office? Supplies, Travel? Expense, Delivery? Expense, Entertainment? Expense, and Merchandise Inventory.

A) Explain the Charachteristics and the internal control features of an imprest fund.

An imprest fund has _____1___ ( A Credit, Difference, or the Same ) balance at all times, which eaquals the sum of_____2__ ( Accounts recievable, Cash in the bank, Cash in the fund, Deposites in transit ) plus the ___3____ ( Check Stubs, Credit Memos, Total of the tickets) that support payments from the fund. The internal control feature of an imprest fund is that it ____4___( Clearly Debits, Clearly Identifies, increases, decreases) the amount of money for which the fund custodian is responsible.

B) On june 30, how much cash should the petty cash fund hold before it is? replenishe

Before it is replenished, the petty cash fund should hold cash of $________

C) Begin by journalizing the creation of the fund.

Journalize the replenishment of the fund

D) Make the July 1 entry to increase the fund balance to $700.

E) The custodian____1___ ( Cashes, Void, Writes) the check and places $_____ of currency and coin______ ( In his pocket, bank, fund, mondy market account)