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.IMPORTANT: This rendition covers property you owned on January 1 of this year. To register with Bexar County, verify your eligibility. Learn the foundations of fixed asset accounting, including definitions, formulas, and applications. In this video I'm going to talk about entries related to purchasing assets for your business. , if three candidates are running to fill two.