American Chip Corporation's 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 80,000 Sales revenue 750,000 Interest revenue 3,000 Cost of goods sold 420,000 Salaries expense 100,000 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, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021. Debits Credits 80,000 750,000 3,000 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 420,000 100,000 15,000 30,000 5,000 6,000 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.)