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Old 4th June 2012, 10:38 PM   #1 (permalink)
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Accounting- debit and credit

Hi, i'm having quite%r0a headache between these 2 term, 'discount revenue' and 'discount expense'?

My first question is discounted expense = cash discount=contra-revenue accounts=alway debit. Correct?
My second question is when do you credit/debit discount expense?

My understanding between the 2 are:
Discount revenue is you receive discount from others while discount expense is you give people the discount, correct?

I want to confirm these concepts as well.
GST payable increases = credit
GST payable deceases= debit
Selling inventory= GST payable increase
Purphasing inventory= GST payable decrease
Correct?

I am still a newbie in accounting, so if possible, use simpler term. Thanks in advance.

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Last edited by wishyq; 4th June 2012 at 10:39 PM.
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Old 5th June 2012, 02:52 PM   #2 (permalink)
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Re: Accounting- debit and credit

Which accounting level are you at?

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Old 5th June 2012, 03:31 PM   #3 (permalink)
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Re: Accounting- debit and credit

My first question is discounted expense = cash discount=contra-revenue accounts=alway debit. Correct?

Yep. Debit to Profit & Loss. Needs to be netted off against Sales Revenue, i.e. Sales Revenue is presented net of Discounts Expense.

My second question is when do you credit/debit discount expense?

When you receive discounts from suppliers for purchases from the suppliers, it would be a Discount Income, and thus Credit to Profit & Loss, generally netted off against Cost of Sales. When you provide discounts to customers for sales to the customers, it would be a Discount Expense, and thus Debit to Profit & Loss, netted off against Sales Revenue.

I want to confirm these concepts as well.
GST payable increases = credit


Credit GST Payable to increase the amount.

GST payable deceases= debit

Debit GST Payable to decrease the amount.

Selling inventory= GST payable increase

Yep.

Purphasing inventory= GST payable decrease

Yep.

Hopefully I am not wrong

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