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.The purchase of property, plant, or equipment results in a debit to the asset section of the balance sheet. You would make one journal entry that involves two accounts, namely Supplies and Accounts Payable. A purchase credit journal entry is recorded in the company's purchase journal when buying goods or services on credit from a third party. Consider all costs at time of acquisition or construction. You can use the JD Edwards EnterpriseOne Fixed Assets system to record asset splits, transfers, and disposals in the accounting ledgers.