JIK1 Saved Help Save & Exit Check my 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. Debits Credits 90,000 850,000 8,000 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 470,000 200,000 25,000 40,000 6,000 7,000 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 W a 0 N