American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018. Debits Account Title Retained earnings Credits 88,000 830,000 7,000 Sales revenue Interest revenue Cost of goods sold Salaries expense 460,000 180,000 23,000 38,000 Rent expense Depreciation expense Interest expense Insurance expense 5,800 6,800 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.) Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts using the income summary. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2018 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 Record the entry to close the expense accounts using the income summary. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2018 View general journal Record entry Clear entry Journal entry worksheet