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American Chip Corporations reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021. Account Title Debits Credits
American Chip Corporations reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021.
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, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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