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.Click on the link(s) for the forms you'd like to download. (2) Assets and liabilities of the spouses: The parties had two businesses when the first divorce was filed. By the second divorce. The tradein value will not be part of the final journal entry but needs to be entered as a credit to balance the entry based on the limited info you provided.