Then select Journal entry. On the first line, select the asset account you use to track the loan from the Account dropdown.What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? This video explains how to calculate and account for a sale of an asset when there is a gain or loss. Asset disposal is the removal of a long-term asset from the company's accounting records. It is an important concept because capital assets. Learn how to record a journal entry for disposals of fixed assets with example entries from various scenarios. If we sale furniture or Furniture sale for cash : Furniture is an asset means tangible real account.