If I bought two new saws on credit at $375 each on Wctober 1, what would be the journal entry to record on October 1.

I think it is:
$750 debit, Cash; 750 credit, Tool Rental Expense.

You are actually buying an asset
And it is not with cash but with credit.
When you buy an asset , it is always DEBIT the asset account.
If you do not use Cash, then cash does not come into it.
You used credit so there must be a name of the supplier of this credit.
CREDIT the supplier name account.

What are the saws for?
Resale or for use in the business.

If for resale the entry will be:
Debit Inventory
Credit Accounts Payable

If for use in the business:
Debit PP&E
Credit Accounts Payable