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 Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense Debits Credits 85,000 800,000 5,500 445,000 150,000 20,000 35,000 5,500 6,500 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.) View transaction list Journal entry worksheet 2