American Chip Corporations fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 20X1.

Account Title Debits Credits Retained earnings 80,000

Sales revenue 750,000

Interest revenue 3,000

Cost of goods sold 420,000

Salaries expense 100,000

Rent expense 15,000

Depreciation expense 30,000

Interest expense 5,000

Insurance expense 6,000

Required: Prepare the necessary closing entries at December 31, 20X1