Question 7 Chapter 1 Answer all the requirements and fill in the blanks please thank you.

E (Click the icon to view the petty cash tickets.) 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 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 it is replenished, the petty cash fund should hold cash of Begin by journalizing the creation of the fund. 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 $450. Include an explanation, and briefly describe what the custodian does Make the entry July 1 to increase the fund balance to $450. Briefly describe what the custodian does The custodian the check and places ] of currency and coin