1) options a credit, a different, the same 2) options accounts receivable, cash in the bank, cash in the fund, deposits in transit 3) checks stubs, credit memos, total of the tickets 4) clearly debits, clearly identifies, decreases, increases

ly score: 82. 16/100 pts (82.16%) On June 1, Cool Salad Dressings creates a petty cash fund with an imprest balance of $500. During June, Sunny Lewis, the fund custodian, signs the following petty cash tickets. View the petty cash tickets. and Merchandise Inventory. On June 30, prior to replenishment, the fund contains these tickets plus cash of $320. The accounts affected by petty cash payments are Supplies, Travel Expense, Delivery Expense, Entertainment Expense, 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 the amount of money for which the fund custodian is responsible X Petty Cash Tickets X Requirements Petty Cash Ticket Number Item Amount 1. Explain the characteristics and the internal control features of an imprest fund 101 Supplies 2. On June 30, how much cash should the petty cash fund hold before it 102 Cab fare for executive 10 is replenished? 3. Journalize all required entries to create the fund and replenish it. Include 103 Delivery of package across town 30 explanations. 104 Business dinner 4. Make the July 1 entry to increase the fund balance to $550. Include an explanation, and briefly describe what the custodian does. 105 Merchandise inventory