When you first purchase new equipment, you need to debit the specific equipment (ie, asset) account. And, credit the account you pay for the asset from.In this comprehensive guide, we'll delve into the intricacies of booking fixed asset journal entries, with a specific focus on disposal transactions. To record the purchase of a fixed asset, debit the asset account for the purchase price, and credit the cash account for the same amount. I'm going to show you how to enter your capital asset or fixed asset purchases in QuickBooks. Then use a journal entry to enter the asset and associated debt. Debit the asset account and credit the liability account. A sample entry to record a fixed asset purchase would be as follows: Fixed asset journal entry. Depreciation.