Solved: Hello, would gladly appreciate any help with a Journal entry for purchase of new Vehicle. In this video tutorial I will show you ins and outs of debits and credits how to record a vehicle purchase with a bank loan uh trading and down payment.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). For each independent situation, indicate the journal entry to be made to record the transaction. There is NO journal entry for asset mortgage. Journal Entry for Intangible Assets With a Limited Life. You debit the assets bought at market value, which is now book value. You credit the liability with the remaining balance of the loan.