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On September 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $600. During September, Michael Martell, the fund custodian, signs the following petty cash tickets: (Click the icon to view the petty cash tickets.) On September 30, prior to replenishment, the fund contains these tickets plus cash of $355. The accounts affected by petty cash payments are Office Supplies, Travel Expense, Delivery Expense, Entertainment Expense, and Merchandise Inventory. 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 the amount of money for which the fund custodian is responsible. plus the that support payments from the fund. The internal control feature of an imprest fund is that it A Data Table i Requirements Item Amount 1. Explain the characteristics and the internal control features of an imprest fund. 2. On September 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 Oct. 1 entry to increase the fund balance to $800. Include an explanation, and briefly describe what the custodian does. Petty Cash Ticket Number 101 102 103 Office supplies Cab fare for executive Delivery of package across town Business dinner Merchandise inventory Print Done

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