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 85,000 800,000 5,500 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 445,000 150,000 20,000 35,000 5,500 6,500 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.) Answer is not complete. No Date General Journal Debit Credit 1 December 31, 202 Sales revenue 800,000 Interest revenue 805,500 X 2 x December 31, 202 Salaries expense Rent expense Depreciation expense Interest expense Insurance expense Cost of goods sold