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. 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. Assets purchased are not represented through Purchases but with the name of the Asset. Journal Entry: (When Assets are Purchased). Example:. In this video I'm going to talk about entries related to purchasing assets for your business. As the seller, you would debit the customer's accounts receivable and credit sales. After these two journal entries are applied, what will be the Total Net Assets in the Government Wide Financial Statements? Use the free New Jersey Online Filing Service to file your 2024 NJ-1040 return. It's simple and easy to follow the instructions, complete your NJ tax return,.