What is the journal entry for sale of a fixed asset, including payoff of a mortgage loan and net gain on the transaction? I'm going to show you a way to record the sale of a financed asset uh in QuickBook so you can record the gain rate record the cash you get.Should I use a Journal entry again and get rid of the asset and diminish my Loan to 0 and only then dispose the Fixed asset? In a journal entry, you must remove the original cost of the property and its accumulated depreciation from your records. Year End Commit - Current Exp. Journalize entries for sale of assets.