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American chip corporations fiscal year-end is december 31

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Reference no: EM13586775

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 95,000
  • Sales revenue 900,000
  • Interest revenue 5,000
  • Cost of goods sold 495,000
  • Salaries expense 140,000
  • Rent expense 30,000
  • Depreciation expense 45,000
  • Interest expense 6,500
  • Insurance expense 7,500

Required:

Prepare the necessary closing entries at December 31, 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
1.Record the closure of revenue accounts.
2.Record the closure of expense accounts.
3.Record the transfer of the net profit.

Reference no: EM13586775

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