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					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.)