Businesses must record sales tax collections and payments for organized and accurate books. What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets?The equipment sold is used. Consider all costs at time of acquisition or construction. Start out with crediting the original purchase price. Credit improvements if you capitalized these. To access the following reports in the Tax category, select File, Print, then select Tax from the dropdown in the Category field. Journalize entries for sale of assets.