When you first purchase new equipment, you need to debit the specific equipment (i.e. PURPOSE. The purpose of this policy is to ensure adequate control of the Town of Fairfax's fixed assets.If there is a loss, record it as a debit to the loss on the disposal account. Step 8: Complete the Journal Entry –. To record the purchase of a fixed asset, debit the asset account for the purchase price, and credit the cash account for the same amount.