What is the journal entry for sale of a fixed asset, including payoff of a mortgage loan and net gain on the transaction? Learn the foundations of fixed asset accounting, including definitions, formulas, and applications.When you sell merchandise, should the sale be recorded in cash or account? Check out the article below to know how to decide with examples. In today's video we're going to jump into qbo and show you the proper way to set up your assets. 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? This entry has several steps to account for the updates to your portfolio. It removes the property from your balance sheet, clears its accumulated depreciation. Secure your San Antonio small business's transactions today! Our asset purchase agreements from Dan Burke are created to account for all of your assets.