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.Here is the journal entry with the info provided. How to do a loan journal entry for transactions for bank loans, car loans, intercompany loans, and loan forgiveness including loan amortization. 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 a fixed asset – such as equipment – is acquired, the bookkeeping process requires a journal entry. Home loan terms explained so you have a better understanding of the mortgage process. A list of mortgage terms and their definitions for your reference. 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.