Requirement 1 - Requirement1. Animprestfundhas thesame...

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Requirement 1. Explain the characteristics and the internal control features of an imprest fund. An imprest fund has  the same  balance at all times, which equals the sum of  cash in the fund  plus the  total of the tickets  that support payments from the fund. The internal control feature of an imprest fund is that it  clearly identifies  the amount of money for which the fund custodian is responsible. Requirement 2. On  JuneJune  3030,  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 $330 . Requirement 3. Journalize all required entries to create the fund and replenish it. Include explanations.  (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the creation of the fund.  Date
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