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 purchase of property, plant, or equipment results in a debit to the asset section of the balance sheet. To record the entry, the company will debit the purchase account, and a credit entry will be recorded under accounts payable. What would the journal entry be for a vehicle purchased in December but not received until January with a calendar year-end? In this video I'm going to talk about entries related to purchasing assets for your business.