What are the correct journal entries for the sale of a business per the closing statement and associated closing entries for capital assets? The equipment sold is used.The journal entry to record the sale is: JournalPage 101. Date, Description, Post. Ref. The seller may also be subject to capital gains taxes on the sale of individual assets. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity. 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. In this post, we'll take a look at journal entries for cash discounts with accompanying calculations and examples. Start out with crediting the original purchase price. Credit improvements if you capitalized these.