When you first purchase new equipment, you need to debit the specific equipment (i.e. There would actually be three entries for the sale: Record Sale: Debit Cash 235980.91.A purchase credit journal entry is recorded in the company's purchase journal when buying goods or services on credit from a third party. In this video I'm going to talk about entries related to purchasing assets for your business. What the journal entry to record a purchase of equipment? The audit found that BCPA generally conducted research to appropriately identify decedents' assets. Apply to Bookkeeper, Accounts Receivable Clerk, Debt Collector and more!