You should expense the equipment out as an asset and the other side of the JE will be the liability account (creating the beginig balance). In this video, I show you how to record an asset you purchased with a loan in QuickBooks Online.Merchandise are purchased either for cash or on account. Go to the Company menu. Follow these steps to submit a journal entry upload request. For assistance, refer to the Accounting Staff Directory for areas of responsibility. A guide to creating a Purchases Journal for tracking your expenses. This includes the format, calculation, and an example of how to use it. Select Processes > General Journal Entries. An asset sale is a common method for transferring business ownership.