A bulk sale is a sale outside a seller's normal course of business and generally involves a large portion of a business' assets. This transaction involves the double entry bookkeeping system, which stipulates that every transaction has a dual effect and must be recorded as such.Record the exchange for Clark Co. assuming the transaction has commercial substance. b. The general rule is that contracts are freely assignable and can be transferred from one party to another. There are, however, exceptions to this general rule. Asset Allocation is how the company value is divided up to report the sale to the federal government, and where applicable state government, for tax purposes. In an asset purchase transaction, the vendor is the company that owns the assets. C. Gap Between Signing and Closing.