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A three-year fire insurance policy was entire amount Depreciation on equipment totaled $15. Employee salaries of $18,000 for the me On November 1, 2021, the company bor April 30, 2022 On December 1, 2021, the company rece The payment, representing rent for Dec - On December 1, 2021, the company reco The payment, representing rent for Deco revenue for $3,000 on December 1, 202 repare the necessary adjusting entries at were prepared during the year and no adjus ournal entry required" in the first account View transaction list American Chip Corporation's reporting 2021. Debits 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 required" in the first account field.) A three-year fire insurance policy was entire amount Depreciation on equipment totaled $15. Employee salaries of $18,000 for the me On November 1, 2021, the company bor April 30, 2022 On December 1, 2021, the company rece The payment, representing rent for Dec - On December 1, 2021, the company reco The payment, representing rent for Deco revenue for $3,000 on December 1, 202 repare the necessary adjusting entries at were prepared during the year and no adjus ournal entry required" in the first account View transaction list American Chip Corporation's reporting 2021. Debits 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 required" in the first account field.)

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