Question

American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance...

American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018.

Account Title Debits Credits
Retained earnings 93,000
Sales revenue 880,000
Interest revenue 4,000
Cost of goods sold 485,000
Salaries expense 120,000
Rent expense 28,000
Depreciation expense 43,000
Interest expense 6,300
Insurance expense 7,300


Required:
Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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