Please help, thank you in advance!
On June 1, Top Taste Salad Dressings creates a petty cash fund with an imprest balance of $400. During June, Sunny Lewis, the fund custodian, signs the following petty cash tickets: E (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $140. 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 plus the that support payments from the fund. The internal control feature of an imprest fund is that it V the amount of money for which the fund custodian is responsible. Data Table Petty Cash Ticket Number Item Amount 101 $ 10 102 Office supplies Cab fare for executive Delivery of package across town 40 103 35 104 Business dinner 75 Click to select your answer(s) and the 105 ? Merchandise inventory 110 5 parts Check Answer remaining Print Done 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 $600. Include an explanation, and briefly describe what the custodian does. On June 1, Top Taste Salad Dressings creates a petty cash fund with an imprest balance of $400. During June, Sunny Lewis, the fund custodian, signs the following petty cash tickets: E (Click the icon to view the petty cash tickets.) On June 30, prior to replenishment, the fund contains these tickets plus cash of $140. 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 plus the that support payments from the fund. The internal control feature of an imprest fund is that it V the amount of money for which the fund custodian is responsible. Data Table Petty Cash Ticket Number Item Amount 101 $ 10 102 Office supplies Cab fare for executive Delivery of package across town 40 103 35 104 Business dinner 75 Click to select your answer(s) and the 105 ? Merchandise inventory 110 5 parts Check Answer remaining Print Done 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 $600. Include an explanation, and briefly describe what the custodian does
