Go to the Company menu. Assets purchased are not represented through Purchases but with the name of the Asset.Journal Entry: (When Assets are Purchased). Example:. Asset disposal is the removal of a long-term asset from the company's accounting records. It is an important concept because capital assets. In a journal entry, you must remove the original cost of the property and its accumulated depreciation from your records. The journal entry to record the sale is: JournalPage 101. Date, Description, Post. Ref. In the journal entry, credit your asset accounts for the property, using the original purchase prices. An asset disposal may require the recording of a gain or loss on the transaction in the reporting period when the disposal occurs.