On November 1, Fab Salad Dressings creates a petty cash fund with an imprest balance of $400. During November, Sunny Lewis, the fund custodian, signs the following petty cash tickets:

petty cash ticket number	item	amount
101	office supplies	20
102	cab fare for executive	15
103	delivery of package aross town	25
104	dinner money for city manager to entertain the mayor	30
105	inventory	70

On November 30, prior to replenishment, the fund contains these tickets plus cash of $245. The accounts affected by petty cash payments are Office supplies expense, Travel expense, Delivery expense, Entertainment expense, and Inventory.

requirements

r1. explain the characteristics and the internal control features of an imprest fun.

r2. on november 30, how much cash should the petty cash fund hold before it is replenished?

r3 Journalize all required entries to create the fund and replenish it. include explanations

r4 make the december 1 entry to increase the fund balance to 450. include an explanantion, and briefly describe what the custodian does.