What is the journal entry for sale of a fixed asset, including payoff of a mortgage loan and net gain on the transaction? What will be its journal entry?We separate out personal stuff from the business. 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. In journal entry form, an accounts receivable transaction debits Accounts Receivable and credits a revenue account. I would say there's no journal entry. For example, let's say the owner had sold their personal entertainment system to put money into the business. When you sell merchandise, should the sale be recorded in cash or account? Check out the article below to know how to decide with examples.