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). 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.An asset purchase agreement is an agreement between buyer and seller that formalizes the purchase of a business or business asset. In this video, I show you how to record an asset you purchased with a loan in QuickBooks Online. Consider all costs at time of acquisition or construction. In this comprehensive guide, we'll delve into the intricacies of booking fixed asset journal entries, with a specific focus on disposal transactions.