Start out with crediting the original purchase price. Credit improvements if you capitalized these.Each transaction should be evaluated. Fill in the blanks. 1. 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? This section provides guidance on accounting and reporting of Capital Assets in the institution's general ledger and the Annual Financial Report (AFR). A journal entry for selling inventory records transactions of sales made in a business. The inventory journal includes entries for debit and credit sales. Consider all costs at time of acquisition or construction.