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Question(s) / Instruction(s):

American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2011.

  Account Title                                                    Debits                   Credits

  Retained earnings                                                                        79,000 

  Sales revenue                                                                                706,000 

  Interest revenue                                                                          2,500 

  Cost of goods sold                                         395,360                  

  Salaries expense                                            94,133   

  Rent expense                                                  11,000   

  Depreciation expense                                 27,000   

  Interest expense                                           5,600      

  Insurance expense                                       6,100      

Required:

Prepare the necessary closing entries at December 31, 2011.

 

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