gift card

[Rick Rawson]

Hi,

If I understood basic accounting procedures, the answer to my question 
would probably be obvious.

I purchased a gift card for $225, paying for it out of my checking 
account. The card has a value of $250. It will be used exclusively to 
buy groceries (Expenses:Food). I have the following accounts, among others:

Income:Gifts
Assets:Checking
Assets:Gift Card
Expenses:Food

I need to:
    -- track my individual food purchases on this card
    -- account for the 10% discount ($25 "gift" income)
    -- account for the expense to my checking account

How do I do this? Where do I start?

Thanks for the help.


Rick
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