American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as2024.Account TitleRetained earningsSales revenueInterest revenueCost of goods soldSalaries expenseRent expenseDepreciation expenseInterest expenseInsurance expenseView transaction listRequired:Prepare the necessary closing entries on December 31, 2024.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.<Journal entry worksheet1Debits$ 465,000190,00024,00039,0005,9006,9002Credits$ 89,000840,0007,500Note: Enter debits before credits.Record the entry to close the revenue accounts.>

Name: American Chip Corporation's reporting year-end is December 31. The fo
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Description: American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as2024.Account TitleRetained earningsSales revenueInterest revenueCost of goods soldSalaries expenseRent expenseDepreciation expenseInte

The journal entries that are prepared at the end of the accounting period to close temporary…

Business

Accounting

American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted 2024. Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense Debits $ 465,000 190,000 24,000 39,000 5,900 6,900 Credits $ 89,000 840,000 7,500 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted 2024. Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense Debits $ 465,000 190,000 24,000 39,000 5,900 6,900 Credits $ 89,000 840,000 7,500 Required: Prepare the necessary closing entries on December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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