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Exercise 2-13 (Algo) Closing entries [LO2-8] American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024. Account Title Retained earnings Debits Credits $ 91,000 860,000 3,000 Sales revenue Interest revenue Cost of goods sold $ 475,000 Salaries expense 100,000 Rent expense 26,000 Depreciation expense 41,000 Interest expense 6,100 Insurance expense 7,100 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. View transaction list View journal entry worksheet No Date December 31. 2024 Sales revenue Interest revenue 2 December 31, 2024 Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense General Journal Debit Credit

Exercise 2-13 (Algo) Closing entries [LO2-8] American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024. Account Title Retained earnings Debits Credits $ 91,000 860,000 3,000 Sales revenue Interest revenue Cost of goods sold $ 475,000 Salaries expense 100,000 Rent expense 26,000 Depreciation expense 41,000 Interest expense 6,100 Insurance expense 7,100 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. View transaction list View journal entry worksheet No Date December 31. 2024 Sales revenue Interest revenue 2 December 31, 2024 Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense General Journal Debit Credit

FINANCIAL ACCOUNTING
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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Exercise 2-13 (Algo) Closing entries [LO2-8] American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024. Account Title Retained earnings Debits Credits $ 91,000 860,000 3,000 Sales revenue Interest revenue Cost of goods sold $ 475,000 Salaries expense 100,000 Rent expense 26,000 Depreciation expense 41,000 Interest expense 6,100 Insurance expense 7,100 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. View transaction list View journal entry worksheet No Date December 31. 2024 Sales revenue Interest revenue 2 December 31, 2024 Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense General Journal Debit Credit
Transcribed Image Text:Exercise 2-13 (Algo) Closing entries [LO2-8] American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2024. Account Title Retained earnings Debits Credits $ 91,000 860,000 3,000 Sales revenue Interest revenue Cost of goods sold $ 475,000 Salaries expense 100,000 Rent expense 26,000 Depreciation expense 41,000 Interest expense 6,100 Insurance expense 7,100 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. View transaction list View journal entry worksheet No Date December 31. 2024 Sales revenue Interest revenue 2 December 31, 2024 Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense General Journal Debit Credit
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