Accounting question involving resale for profit

Thomas John Vitolo tjvitolo at
Thu Aug 4 09:32:46 EDT 2005

Quick accounting question that I can't quite get my head around:

1/1/04  Purchased a book of 10 sporting event tickets, face valued at $20 each.
2/1/04  Agreed to sell 2 tickets (valued at $40) for $60.
3/1/04  Agreed to sell 2 tickets (valued at $40) for $70.
4/1/04  Received $60 payment.
5/1/04  Received $70 payment.
6/1/04  Personally used 2 tickets
7/1/04  Personally used 2 tickets
8/1/04  Personally used 2 tickets

So, there's a number of funny splits here.  At the end of the day, I've:
spent $120 in expenses:entertainment
spent $80 in some sort of business investment
received $130 for that investment, resulting in $50 income?

I want to make sure I set up the accounts:receivable correctly, as well as the
personal expenses, income, etc.

How to do this correctly from an accounting & gnucash point of view?

 - stomv

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