Journalize entries for sale of assets. This entry has several steps to account for the updates to your portfolio.It removes the property from your balance sheet, clears its accumulated depreciation. I am going to show you two ways to record the purchase of a financed asset which is an asset that you get a loan on. Assets purchased are not represented through Purchases but with the name of the Asset. Journal Entry: (When Assets are Purchased). Example:. Start out with crediting the original purchase price. Credit improvements if you capitalized these. What are the given particulars? What was the loan balance?