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Multiple Choice
    Name: ______________________________
Date: ______________________________
    Please mark the box of the choice that best answers each question.
    1.    On Fe
uary 1 ChildFund purchased a copy machine for $8,400. Equipment is depreciated using straight line method for 5 years. What would the journal entry be to record the annual depreciation expense on the June 30 financial statements?                            1680    700
            Depreciation Expense            $ 1,680.00
            Accumulated Depreciation                $ 1,680.00
            Depreciation Expense            $ 700.00
            Accumulated Depreciation                $ 700.00
            Depreciation Expense            $ 700.00
            Equipment                $ 700.00
            Depreciation Expense            $ 140.00
            Accumulated Depreciation                $ 140.00
    2.    Which of the following accounts ca
y a normal debit balance:
            Assets and Liabilities
            Expenses and Assets
            Liabilities and Expenses
            Equity and Revenues
    3.    A trial balance will NOT balance if:
            A $450 payment on account is debited to Accounts Payable for $45 and credited to Cash for $45.
            The purchase of supplies on account is debited to Supplies and credited to Cash
            A $100 cash dividend is debited to Dividends for $1,000 and credited to cash for $100
            A co
ect journal entry is posted twice
    4.    A normal monthly adjustment to prepaid expenses would be:
            Decrease Revenues and Increase Assets
            Decrease Assets and Increase Revenues
            Decrease Expenses and Increase Assets
            Decrease Assets and Increase Expenses
    5.    15,450 is needed to build a playground in The Gambia. How much do we need to raise if 30% of the amount raised is used to cover fundraising and administration.
            $20,085                    22071.4285714286
            $22,071
            $10,815
            $51,500
Accounting Assessment    
General Accounting
    The following are a list of transactions made by ChildFund International for the month of January. ChildFund uses the accural method of accounting. Using generic accounts, please show the entry that should be booked.
    1.     A pledge (promise to give) has been received for $250,000
        NO ENTRY
    2.     Received $50,000 payment towards the above pledge
        Cash A/c    DR    250000
        To Loan A/c        250000
    3.     Received a bill for $1,920 of advertising but will not pay it until Fe
uary
        Advertisment Exp. A/c    Dr.    1920
        To Outstanding Advertisment Exp. A/c        1920
    4.     During March 2018 a $5,820 invoice was paid for...