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). By doing this, you can include any deposits and fees at the same time as the purchase.In this video, I show you how to record an asset you purchased with a loan in QuickBooks Online. There is NO journal entry for asset mortgage. Journal entries list vital data, such as how much was credited and debited, when and from which accounts. Let me show you how to enter a journal entry for the sale: Go to the Company menu. Click on Make General Journal Entries.