A purchase credit journal entry is recorded in the company's purchase journal when buying goods or services on credit from a third party. 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. Each Banner account balance is expressed as either a debit or a credit. Every accounting transaction must include both a debit and a credit. Here's an essential guide to completing journal entries. Complete the journal entry first. Merchandise are purchased either for cash or on account. If you wish to create a new journal entry, click in the field under Account. If you wish to edit a new journal entry, click in the field to edit.