Yes. But where are their costs lodged now? If you expensed the parts, you could do a journal entry as you describe to transfer their costs from the expense account to the fixed asset. If they’re in inventory, you can transfer them from Inventory on hand to the fixed asset. If you’re just now entering the fixed asset, you could lump all the part costs together as a multi-line payment made and allocate every line to the fixed asset. Or, if you bought them at separate times, you can still recode the purchases to the fixed asset. Lots of possibilities.
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