In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). Journal Entries Hacks .Two Methods to NEVER forget Debits and Credits. 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. Access study documents, get answers to your study questions, and connect with real tutors for ACCOUNTING 3000 : ACTG 3000 at Santa Clara University. A purchase credit journal entry is recorded in the company's purchase journal when buying goods or services on credit from a third party.