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). In this video, I show you how to record an asset you purchased with a loan in QuickBooks Online.Go to the Company menu. I am going to show you two ways to record the purchase of a financed asset which is an asset that you get a loan on. 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. Plaintiffs shall post an additional bond with the Mecklenburg County.