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 tradein value will not be part of the final journal entry but needs to be entered as a credit to balance the entry based on the limited info you provided. This course is an overview of financial accounting and its theoretical foundation including a conceptual framework of accounting for financial statements. At Hennepin Tech, you will learn how to design financial systems, record information, and interpret profit and loss statements. The Accounting Technology AAS degree program can be completed in four semesters. Transferring credits into NHCC may result in the program taking less time. Manage the operations and maintenance of the county's bridges, including bridge inspection, load ratings and overweight vehicle permitting.