What is the journal entry for sale of a fixed asset, including payoff of a mortgage loan and net gain on the transaction? You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets.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? I'm going to show you a way to record the sale of a financed asset uh in QuickBook so you can record the gain rate record the cash you get. Businesses sell merchandise for cash as well as on account. The journal entries for both types of transactions are discussed below. Fixed assets represent a significant capital investment, so it's critical the accounting be applied correctly. Step 1: Identify the business, business assets, or business property being sold or transferred. If it's a repayable loan, I would record it as a payable, and then offset the balance with the future sales it is associated with.