Suppose that on June 1. Fab Sundiats opens a new showroom in Timmins, Ontario, and creates a petty cash fund with an imprest balance of $800. During June, Joanne Smith, 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 $377.00. The accounts affected by petty cash payments are Office Supplies Expense, Entertainment Expense, and Delivery Expense Required plus the 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 that support payments from the fund The internal control feature of an imprest fund is that a 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 replenishment, the petty cash fund should hold cash of Requirement 3. Make the general joumal entries to (a) create the fund and (teplenisht. Include explanations (Racord debits first, then credits. Select the explanation on the last line of the journal entry table) Begin by Journalizing the creation of the fund. Journal Entry Accounts and Explanations Debit Credit Date Jun Petty cash tickets Journalize the replenishmer Date Ad Ticket No + 2 Jun Date Jun, 4 18 21 22 30 tham Coorier for package received Refreshments for showroom Opening Computer dis Omice supplies Dinner money for sales manager entertaining a customer Amount $90.00 115.00 110.00 12.00 4 26 5 90.00 Requirement 4. Due to the Make the entry on July to Print Done Date Accounts and Explanations Debit Credit Jul On June 30, prior to replenishment, the fund contains these tickets plus cash of $377.00. The accounts affected by petty cash payments are Office Supplies Expense, Entertainment Expense and Delivery Expense Required CHO 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 fund The Internal control feature of an improst fund is that it the amount of money for which the fund custodian is responsible Requirement 2. On June 30, how much cash should the potty cash fund hold before it is replenished? Before replenishment, the petty cash fund should hold cash of Requirement 3. Make the general Journal entries to create the fund and (b) replenisht Include explanations. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Begin by journaling the creation of the fund. Journal Entry Date Accounts and Explanations Debit Credit Jun 1 Journalire the replenishment of the fund. (Enter all values with two decimal places.) Journal Entry Date Accounts and Explanations Debit Credit Jun 30 Requirement 4. Due to the risk of robbery, make the entry on July 1 to decrease the fund balance to $600 Include an exploration Make the entry on July 1 to decrease the fund balance to $600. Include an explanation Journal Entry Data Accounts and Explanations Debit Credit 1