In this comprehensive course, you will learn the basics of double-entry bookkeeping, as well as how to analyze and record financial transactions. 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 purpose of this procedure is to detail the management of capital assets owned by. Buyers must live in the property they purchase as their principal residence. 6. The Arizona Department of Revenue (Department or ADOR) administers the property tax system in cooperation with the 15 county assessors, among others. If you have questions about the training, contact the. I am going to show you two ways to record the purchase of a financed asset which is an asset that you get a loan on. - Purchase amounts are limited to the amount in your account.