Exercise 2-13 (Algo) Closing entries [LO2-8] American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted tnal balance as of December 31, 2021 Account Title Retained earnings Debits Credits Sales revenue 81,000 760,000 Interest revenue 3,500 Cost of goods sold 425,000 Salaries expense 110,000 Rent expense 16,000 Depreciation expense 31,000 Interest expense Insurance expense 5,100 6,100 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.) View transaction list View journal entry worksheet No Date General Journal December 31 < Prev 8 of 9 Next > Debit Credit Ch Journal entry worksheet < 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Sales revenue 750,000 Interest revenue Retained earnings Record entry Clear entry View general journal Journal entry worksheet < 2 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 Retained earnings Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense Record entry Clear entry View general journal