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On June 1, Meodow Salad Dresshos creales a pety cosh fund with an ircerest balhnce of 3400 . Duting June. Rh Mangan, bhe fund custodian, algns the following petty cash ichotst (Cickethe icon lo vew the gety cash ticketid) On June 30, pror to replonishment, the fund contains these tohets plus cash of sia0. The accounts affected by petty cash poyments are Otfice Supplies, Travel Expense. Delveny Expense. Emertainment Expense, and Mecchandise Inventory, Read the tegvithmedts Requirement 1. Explain the characteristics and the imemol control teohuros of an imprest tund. An imprest fund has balance at oll times, which equals the sum of that supgont poyments from the Aund. The internat conwel feature of an imprest kind is that ie the amoun of maney tor which the fund custodian is responsible. 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. Data table On June 1, Meodow Salad Dresshos creales a pety cosh fund with an ircerest balhnce of 3400 . Duting June. Rh Mangan, bhe fund custodian, algns the following petty cash ichotst (Cickethe icon lo vew the gety cash ticketid) On June 30, pror to replonishment, the fund contains these tohets plus cash of sia0. The accounts affected by petty cash poyments are Otfice Supplies, Travel Expense. Delveny Expense. Emertainment Expense, and Mecchandise Inventory, Read the tegvithmedts Requirement 1. Explain the characteristics and the imemol control teohuros of an imprest tund. An imprest fund has balance at oll times, which equals the sum of that supgont poyments from the Aund. The internat conwel feature of an imprest kind is that ie the amoun of maney tor which the fund custodian is responsible. 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. Data table