[GNC] Why is part of a split registered as "rebate" in the Transfer account?

[Michael or Penny Novack]

On 11/21/2024 5:39 PM, David Cousens wrote:
> Boniforti,
>
> The entries to record the sale of the instrument would be
>
> Asset:Checking Account      				Dr 1214.00 EU
> Assets:Current Assets:Music Equipment EUR:Korg MS-20M     Cr  800.00 EU
> Expense:Shipping                                          Cr   35.49 EU
> Income:Instrument Sales                                   Cr  378.51 EU

NO ---- Income is a credit (cr) but the expense a debit (db) And you 
paid for this shipping somehow

If it helps you to remember, the fundamental type of both income and 
expense is equity and the sense of equity is credit. Income is an 
increase (more credit) and expense a decrease (opposite sense of credit 
is debit)

Michael D Novack