X Data table Petty Cash Ticket Number Item Amount 55 $ Ticket No. 101 Office supplies 20 Ticket No. 102 Cab fare for executive 15 Ticket No. 103 Delivery of package across town Business dinner 95 Ticket No. 104 Ticket No. 105 Merchandise inventory 60 Print Done - x 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. Print Done On June 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $350. During June, Michael Martell, 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 $125. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory