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. When we're talking about the gain or loss of the sale of an asset we need to be looking at net book value at the time of the sale. Client bought a business with a loan, and I'm not sure how to record the asset side of the JE to put the loan on the books. Select Processes > General Journal Entries. Journalize entries for sale of assets. Read everything you need to know about fixed assets: terms, accounting, journal entries, ratios, financial statement treatment, and more. Business personal property is personal property used in a business for commercial, industrial, residential, and agricultural purposes.