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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.) 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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