What is the journal entry for sale of a fixed asset, including payoff of a mortgage loan and net gain on the transaction? You can use the Check or Expense option to record the asset that you purchased.Make sure to set up the account on your Chart of Accounts first. 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? The journal entry to record the purchase is shown here. 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. The accountant first must update the depreciation account for the asset to make it current to the date of sale. The question is extremely unclear, so I am going to assume that there is a company (Y) that has sold someone (S) a loan (L). Go to the Company menu and select Make General Journal Entries. Fill out the fields to create your journal entry.