Entering a cash gift

[Dale Alspach]

You should credit an income account,e.g., make a miscellaneous
income account, then debit your cash account and then enter
transactions from cash for the bills or expenses.

Misc. Income            500.00
Cash           500.00

Cash                    350.00
Loan           350.00

Cash                    150.00
Food           150.00

You could just credit miscellaneous income and then
debit the bills and expenses in one transaction.

Misc. Income            500.00
Loan           350.00  
Food           150.00

The second one has the advantage that when your uncle asks you
what you did with the money you can show him:)

Dale Alspach