American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance...

Transcribed Image Text:

American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024. Account Title Retained earnings Debits Credits $ 93,000 880,000 4,000 Sales revenue Interest revenue Cost of goods sold $ 485,000 Salaries expense 120,000 Rent expense 28,000 Depreciation expense 43,000 Interest expense 6,300 Insurance expense 7,300 Required: Prepare the necessary closing entries on December 31, 2024. Note: 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 < 1 2 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit 120,000 December 31, 2024 Retained earnings Salaries expense 120,000 Rent expense Interest expense Insurance expense Depreciation expense < Prev 1 of 1 Next > American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024. Account Title Retained earnings Debits Credits $ 93,000 880,000 4,000 Sales revenue Interest revenue Cost of goods sold $ 485,000 Salaries expense 120,000 Rent expense 28,000 Depreciation expense 43,000 Interest expense 6,300 Insurance expense 7,300 Required: Prepare the necessary closing entries on December 31, 2024. Note: 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 < 1 2 Record the entry to close the expense accounts. Note: Enter debits before credits. Date General Journal Debit Credit 120,000 December 31, 2024 Retained earnings Salaries expense 120,000 Rent expense Interest expense Insurance expense Depreciation expense < Prev 1 of 1 Next >

Answer rating: 100% (QA)

To prepare the necessary closing entries on December 31 2024 for American Chip Corporation the follo... View the full answer