The equipment sold is used. What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets?What are the GL Entries that occur in Asset Accounting? Sales of asset purchase of asset, scraping of asset, Deprecation posting, transfer of an asset. Common errors on output tax. 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. Record the sale or disposal of an asset. In the Accounting menu, select Advanced, then click Fixed assets. Consider all costs at time of acquisition or construction.