Please complete 23A and 26A

in imprest balance P7-23A Accounting for petty cash transactions On June 1, Meadow Salad Dressings creates a petty cash fund with an imprestha of $400. During June, Al Franklin, the fund custodian, signs the following tickets: ons the following petty cash Petty Cash Ticket Number Item Amount 101 $ 15 102 103 104 105 Office supplies Cab fare for executive Delivery of package across town Business dinner Merchandise inventory 130 On June 30, prior to replenishment, the fund contains these tickets plus cash of $170. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. Requirements 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. 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 $500. Include an explanation, and briefly describe what the custodian does. P7-26A Preparing a bank reconciliation and journal entries The August 31 bank statement of Watson Healthcare has just arrived from Un Bank. To prepare the bank reconciliation, you gather the following data: a. The August 31 bank balance is $5,630. b. The bank statement includes two charges for NSF checks from custom for $390 (#1), and the other is for $140 (#2). c. The following Watson checks are outstanding at August 31: Check No. 237 288 291 294 Amount $ 90 160 550 295 10 100 296 d. Watson collects from a few customers by EFT. The August bank statement lists a $1,700 EFT deposit for a collection on account. e. The bank statement includes two special deposits that Watson hasn't recorded yet, $850 for dividend revenue, and $60 for the interest revenue Watson earned on its bank balance during August. f. The bank statement lists a $70 subtraction for the bank service charge g. On August 31, the Watson treasurer deposited $310, but this deposit does not appear on the bank statement. h. The bank statement includes a $700 deduction for a check drawn by Multi-State Freight Company. Watson notified the bank of this bank error. i. Watson's Cash account shows a balance of $3,100 on August 31. Requirements 1. Prepare the bank reconciliation for Watson's Healthcare at August 31, 201 2. Journalize any required entries from the bank reconciliation. Include an explanation for each entry