Recording a cent that was picked up in the street
Hi there, I am busy a family project called the Universal Success Plan. Basically the idea is to collect $100 000, starting from nothing. At no point must one put any of your own resources (including money, etc. There are exceptions however) into your efforts. Anyone who wants more information about the Universal Success Plan, can email me. Who knows, we might even start a special forum right here!! My family walked around in the neighborhood, and collected a few cents to get us through the first stages of the plan. Now, to put things on a proper footing right from the start, I want to apply proper accountancy principles to the best of my ability. This is my question: If one picks up a cent, how would you record such a transaction according to the double entry accountancy system. In other words, which account is debited, and which one is credited?