What is the correct double entry for discounts allowed? Debit discounts allowed, Credit payables Debit receivables, Credit discounts allowed Debit discounts allowed, Credit receivables Debit Payables, Credit discounts allowed A business compiling its financial statements for the year ended 31 July each year pays rent quarterly in advance on 1 January, 1 April, 1 July and 1 October each year. The annual rental was increased from 60,000 per year to 72,000 per year as from 1 October 2020 . What figure should appear for rent expense in the statement of profit or loss for the year ended 31 July 2021? 62,000 70,000 69,000 63,000