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? When reporting a sale, include the new owner's name and mailing address. Journalize entries for sale of assets. Read everything you need to know about fixed assets: terms, accounting, journal entries, ratios, financial statement treatment, and more. The Finance Department manages the financial planning and accounting for the City, including revenue forecasting and expenditure control. We are pleased to present the City of Alameda (City) Annual Comprehensive Financial Report for the year ending June 30, 2021.