Petty Cash Ticket Number Item Amount Ticket No. 101 Office supplies $ 20 Ticket No. 102 Cab fare for executive 40 Ticket No. 103 Delivery of package across town 10 Ticket No. 104 Business dinner 50 Ticket No. 105 Merchandise inventory 130 On June 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $600. During June, Jackson Demers, 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 $365. 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 balance at all times, which equals the sum of fund. The internal control feature of an imprest fund is that it plus the that support payments from the 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 Requirement 3. Journalize all required entries to create the fund and replenish it. Include explanations. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the creation of the fund. Date: June 1 Accounts and Explanation Debit Credit Journalize the replenishment of the fund. (Prepare a single compound journal entry.) Date June 30 Accounts and Explanation Debit Credit Requirement 4. Make the July 1 entry to increase the fund balance to $675. Include an explanation, and briefly describe what the custodian does. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Make the entry July 1 to increase the fund balance to $675. Date July 1 Accounts and Explanation Briefly describe what the custodian does. The custodian Debit Credit the check and places of currency and coin