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Nonprofit Debit Cred

Nonprofit Bookkeeping Quiz

QuestionAnswer
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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