Exercise 2-13 (Algo) Closing entries [LO2-8] 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 Retained earnings Sales revenue Interest revenue Debita Credits 84,000 790,000 5,000 Cost of goods sold 440,000 Salaries expense 140,000 Rent expense 19,000 Depreciation expense 34,000 Interest expens 5,400 Insurance expense 6.400 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 Journal entry worksheet View transaction list Journal entry worksheet < 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < Record the entry to close the expense accounts. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit