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Nonprofit Debit Cred
Nonprofit Bookkeeping Quiz
| Question | Answer |
|---|---|
| Purchase equipment (fixed asset) for $2,000 | Debit equipment $2,000 Credit loan payable or cash-checking $2,000 |
| Record loan payment for $575 (Principal of $500 and Interest of $75) | Debit loan payable (principal part of loan) $500 Debit interest expense $75 Credit cash $575 |
| Receive cash donation of $25 | Debit Cash $25 Credit Donation $25 |
| Record insurance paid in advance of $750 | Debit prepaid insurance $750 Credit cash $750 |
| Recognize insurance paid previously of $750 | Debit insurance expense $750 Credit prepaid insurance $750 |
| Record accounts payable for printing bill of $125 | Debit printing expense $125 Credit accounts payable $125 |
| Write check for office supplies order of $200 | Debit office supplies expense $200 Credit cash $200 |
| Pay accounts payable for printing of $125 | Debit accounts payable $125 Credit cash $125 |
| Pay salaries and wages for a period of $2,000 (simplified entry) | Debit salaries $2,000 Credit cash $2,000 |
| Receive donation for a future special event of $500 | Debit cash $500 Credit Deferred Revenue $500 |
| Record use of donation when special event is held of $500 | Debit Deferred Revenue $500 Credit Special Event Revenue $500 |
| Record investment fee shown on monthly statement of $50 | Debit Investment Expense $50 Credit Investments $50 |
| Record salaries earned in the month but paid the following month of $1,250 | Debit salaries expense $1,250 Credit Accrued salaries payable $1,250 |
| Record payment of salaries accrued in a prior month of $1,250 | Debit Accrued salaries payable $1,250 Credit cash $1,250 |
| Transfer funds from Savings to Checking of $5,000 | Debit Cash-Checking $5,000 Credit Cash-Savings $5,000 |
| Transfer funds from Checking to Investment Account of $10,000 | Debit--Investments $10,000 Credit Cash-Checking $10,000 |
| Record donor pledge of $2,500 | Debit Pledges Receivable $2,500 Credit Donations $2,500 |
| Write off donor pledge not received of $1,500 | Debit Bad debts expense $1,500 Credit Pledges Receivable $1,500 |
| RECORD XXXXX | Debit xxxx Credit xxxx |
Created by:
aholman330
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