American Chip Corporation?s reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021.

Required:Prepare the necessary closing entries at December 31, 2021.

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