Data table 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 $750 . Include an explanation, and briefly describe what the custodian does. On June 1, Rockin' Solad Dressings creates a penty chsh fund with an imprest balance of \$600. During Jine, Michael Marell, the fund custodian, signs the following petty ciesh eckets IIA (Cick the icon to vew the pelty ash ticketh) On June 30, prior to teplenishiment, the fund contains these tickets plus cash of \$285. The accounts allecied by petty cast payments are Otice Supplies, Travel Expenso, Dolvery Expense, Entartainm Expense, and Merchandise iftenantory Rood the Requirement 1. Eplain the charachoristics and the intemal contiol features of an ingrest fund. An ingrest fund has balance at all tmes, which equals the sum of plus the that tupport paymento trom the fund. The inlamal control leature of an imprest fund is that it the amount of monoy for which the fund custodan is responsible. Requirement 2. On Juno 30, how much cash should the pelty cath fund hold bofore is is replonithod? Before it is replenished, tho pety cash fund shoula hold cash of Begin by journaluing the creation of the fund
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Data tableRequirements 1- Explain the characteristics and the internal.docx
1. Data table 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 $750 . Include an
explanation, and briefly describe what the custodian does. On June 1, Rockin' Solad Dressings
creates a penty chsh fund with an imprest balance of $600. During Jine, Michael Marell, the
fund custodian, signs the following petty ciesh eckets IIA (Cick the icon to vew the pelty ash
ticketh) On June 30, prior to teplenishiment, the fund contains these tickets plus cash of $285.
The accounts allecied by petty cast payments are Otice Supplies, Travel Expenso, Dolvery
Expense, Entartainm Expense, and Merchandise iftenantory Rood the Requirement 1. Eplain the
charachoristics and the intemal contiol features of an ingrest fund. An ingrest fund has balance at
all tmes, which equals the sum of plus the that tupport paymento trom the fund. The inlamal
control leature of an imprest fund is that it the amount of monoy for which the fund custodan is
responsible. Requirement 2. On Juno 30, how much cash should the pelty cath fund hold bofore
is is replonithod? Before it is replenished, tho pety cash fund shoula hold cash of Begin by
journaluing the creation of the fund
