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.The approved asset number must be indicated on all purchasing documents. The college capitalizes, inventories, records, and accounts for assets following federal and state laws and the Utah Board of Higher Education policy. In this comprehensive guide, we'll delve into the intricacies of booking fixed asset journal entries, with a specific focus on disposal transactions. Salt Lake City, UT 84111. With a copy provided to: Attn: (d).