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.Journalize the transactions shown below in the twocolumn general journal provided in your Workbook. A "sale in bulk" is defined as a sale of stock in bulk out of the usual course of business or trade of the seller. If the asset is sold and cash is received, the journal entry must also record the increase in cash. Finally, any gain or loss on disposal must be recorded. Accountants use special forms called journals to keep track of their business transactions.