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

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American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2016. Account Title Debits Credits Retained earnings 80,000 750,000 Sales revenue Interest revenue 3,000 420,000 Cost of goods sold 100,000 Salaries expense 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, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2016. Account Title Debits Credits Retained earnings 80,000 750,000 Sales revenue Interest revenue 3,000 420,000 Cost of goods sold 100,000 Salaries expense 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, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)