Learn the foundations of fixed asset accounting, including definitions, formulas, and applications. Step 1: Enter the date from the journal entry into the date column of the ledger account.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. Merchandise are purchased either for cash or on account. 1) Using the information given below (Trial Balance as of Feb. 28), enter the beginning balances in the T- Accounts in the Accounting Records Package. Assets purchased are not represented through Purchases but with the name of the Asset. Journal Entry: (When Assets are Purchased). Example:. In the first entry, we debit the accounts receivable account and credit the purchase returns and allowances account.