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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
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.)
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