To record the entry, the company will debit the purchase account, and a credit entry will be recorded under accounts payable. • Purchase Journalused to record all purchases of supplies or inventory on 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. Consider all costs at time of acquisition or construction. The purchase of property, plant, or equipment results in a debit to the asset section of the balance sheet. Once the journal entry is formed, it is a simple matter of posting the same amounts to the t-accounts in the General Ledger for summary viewing. Line 1: Enter the name, address, and Tax Identification Number (TIN) of the other party (either the purchaser or seller).