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.

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Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense Debits $420,000 100,000 15,000 30,000 5,000 6,000 Credits $ 80,000 750,000 3,000