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 Debits Credits 96,000 Sales revenue 910,000 Interest revenue 5,500 Cost of goods sold 500,000 Salaries expense 150,000 Rent expense 31,000 Depreciation expense 46,000 Interest expense 6,600 Insurance expense 7,600 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.)