American Chip Corporations 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 89,000 Sales revenue 840,000 Interest revenue 7,500 Cost of goods sold 465,000 Salaries expense 190,000 Rent expense 24,000 Depreciation expense 39,000 Interest expense 5,900 Insurance expense 6,900

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.)