Opening a new account

[Ken G.]

Greetings:

I was given a grocery store gift card in the amount of twenty dollars. 
In keeping track of it, I did the following:

Debit Asset Account:

     Kroger Gift Card $20.00

Credit Income Account:

Kroger Gift Card            $20.00


Later on, I kept wondering if I should have use the following:

Debit Asset Account:

Kroger Gift Card
     Opening Balance    $20.00

Credit Equity Account:

Kroger Gift Card
     Opening Balance            $20.00


Happy New Year, Gentlemen.

Ken