American Chip Corporations fiscal yearend is December 31 The

American Chip Corporation\'s fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense Debits Credits 85,000 800,000 5,500 445,000 150,000 20,000 35,000 5,500 6,500 Required Prepare the necessary closing entries at December 31, 2018. (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 2

Solution

Sales revenue 800000 Interest revenue 5500       Income Summary 805500 Income Summary 662000         Cost of goods sold 445000          Salaries expense 150000          Rent expense 20000          Depreciation expense 35000          Interest expense 5500          Insurance expense 6500 Income Summary 143500           Retained Earnings 143500