American Chip Corporation’s fiscal year-end is December 31. The


Question Description:

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American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2013.

Account Title Debits Credits
Retained Earnings 80,000
Sales Revenue 750,000
Interest Revenue 3,000
Cost of Goods Sold 420,000
Salaries Expense 100,000
Rent Expense 15,000
Depreciation Expense 30,000
Interest Expense 5,000
Insurance Expense 6,000

Required:
Prepare the necessary closing entries at December 31, 2013.

Answer

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