Petty Cash Ticket Number Item Amount LOL Office supplies 25 102 Cab fare for executive 20 103 Delivery of package across town 5.0 104 Business dinner 105 Merchandise inventory 10.5Requirement 1. Explain the characteristics and the internal control features of an imprestfund. An imprest fund has balance at all times, which equals the sum of |:| plus the |:| that support payments from the fund. The internal control feature of an imprest fund is that it 1' the amount of money for which the fund custodian is responsible. Requirement 2. On June 3E], how much cash should the petty lush fund held before it is replenished? Before it is replenished, the petty cash fund should hold cash of $ Begin by journalizing the creation of the fund . Date Accounts and Explanation Debit Credit June 1 Petty Cash 500 Cash 500 To open the petty cash fund!Date Accounts and Explanation Debit Credit June 30 Delivery Expense* 50 Office Supplies 2.5 Travel EXPENSE 20 Entertainment Expense DB Cash Short and Over Cash1 . 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 $650. Include an Explanation , and briefly describe what the custodian does