What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? Journalize entries for sale of assets.I'm stuck on how to record the sale of this asset, showing the closing cost and net gain on this journal entry. When reporting a sale, include the new owner's name and mailing address. The equipment sold is used. When we're talking about the gain or loss of the sale of an asset we need to be looking at net book value at the time of the sale. Prepare quarterly and mid-year financial reports, investment reports and sales tax reports for the City Manager,. Assistant City Manager, and the City Council.