Return to que American Chip Corporation's reporting year-end is December 31. The following is a...
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Return to que 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 30,000 750,000 3,000 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 420,000 100,000 15.000 30,000 5,000 6,000 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.) 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.) Answer is not complete. No Date General Journal Debit Credit 1 December 31, 202 Sales revenue 750,000 3,000 Interest revenue Retained earnings 753,000 2 > 177,000 3 December 31, 202 Retained earnings Deferred sales revenue 177,000
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