American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024. Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense No 1 2 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Date Debits $ 485,000 120,000 28,000 43,000 6,300 7,300 December 31, 2024 Cash December 31, 2024 Sales revenue Interest revenue Retained earnings Credits $ 93,000 880,000 4,000 Answer is not complete. General Journal 33 x Debit 880,000 4,000 Credit 884,000

American Chip Corporation's reporting year-end is December 31 . The following is a partial adjusted trial balance as of December 31 , 2024. Required: Prepare the necessary closing entries on December 31,2024 Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field