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Nonprofit Debit Cred

Nonprofit Bookkeeping Quiz

Purchase equipment (fixed asset) Debit equipment Credit loan payable or cash-checking
Record loan payment Debit loan payable (principal part of loan) Debit interest expense Credit cash
Receive cash donation Debit Cash Credit Donation
Record insurance paid in advance Debit prepaid insurance Credit cash
Recognize insurance paid previously Debit insurance expense Credit prepaid insurance
Record accounts payable for printing bill Debit printing expense Credit accounts payable
Write check for office supplies order. Debit office supplies expense Credit cash
Pay accounts payable for printing Debit accounts payable Credit cash
Pay salaries and wages for a period (simplified entry) Debit salaries Credit cash
Receive donation for a future special event Debit cash Credit Deferred Revenue
Record use of donation when special event is held Debit Deferred Revenue Credit Special Event Revenue
Record investment fee shown on monthly statement Debit Investment Expense Credit Investments
Record salaries earned in the month but paid the following month Debit salaries expense Credit Accrued salaries payable
Record payment of salaries from a prior month Debit Accrued salaries payable Credit cash
Transfer funds from Savings to Checking Debit Cash-Checking Credit Cash-Savings
Transfer funds from Checking to Investment Account Debit--Investments Credit Cash-Checking
Record donor pledge Debit Pledges Receivable Credit Donations
Write off donor pledge not received Debit Bad debts expense Credit Pledges Receivable
RECORD XXXXX Debit xxxx Credit xxxx
Created by: aholman330