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.Step 1: In the Chart of Accounts, Press View Register available on the right of your particular asset. There is NO journal entry for asset mortgage. In journal entry form, an accounts receivable transaction debits Accounts Receivable and credits a revenue account. Merchandise are purchased either for cash or on account. This is one way of journalising the transaction: 1. Transfer of book value of asset marked for sale.