4.

American Chip Corporations 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					94,000
Sales revenue					890,000
Interest revenue					4,500
Cost of goods sold		490,000
Salaries expense		130,000
Rent expense		29,000
Depreciation expense		44,000
Interest expense		6,400
Insurance expense		7,400

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.)