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.Purchase of Equipment (6,900). Financing Activities: Issue of additional stock 8,300. Once you've booked your initial purchase of the asset, make sure that it's added to your fixed asset management software or spreadsheet. The following events apply to Montgomery Company for 2016, its first year of operation: 1. This comprehensive course will teach you the basics of accounting with QuickBooks Online, the most widely used accounting software for small business owners.