Question: If a fixed asset is sold for a gain, is the gain a debit or a credit in the journal entry? On which statement would the gain appear? If a fixed asset is sold for a gain, is the gain a debit or a credit in the journal entry? On which statement would the gain appear? Gains are debits in the journal entry and appear on the Balance Sheet Gains are debits in the journal entry and appear on the Income Statement Gains are credits in the journal entry and appear on the Balance Sheet Gains are credits in the journal entry and appear on the Income Statement