American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as 2024. Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense View transaction list 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. < Journal entry worksheet 1 Debits $ 465,000 190,000 24,000 39,000 5,900 6,900 2 Credits $ 89,000 840,000 7,500 Note: Enter debits before credits. Record the entry to close the revenue accounts. >

Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries dated April 30, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank. 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1. Cash 101 Bal. 500     Accounts Receivable 122 Bal. 1,500     Wages Payable 219     Bal. 400 Javian Davis, Capital 311     Bal. 9,000 Javian Davis, Drawing 312 Bal. 1,000     Income Summary 313         Tennis Instruction Fees 401     Bal. 4,000 Wages Expense 511 Bal. 760     Advertising Expense 512 Bal. 200     Travel Expense 515 Bal. 600     Supplies Expense 524 Bal. 500     Insurance Expense 535…

Teal Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Teal estimates returns of 20%. Teal sells these planters on account for $1,500,000 (cost $825,000) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020. (a) Your answer is correct. Prepare the journal entry for Teal at January 2, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2, Accounts Receivable 1,500,000 2020 Sales Revenue 1,500,000 (To recognize revenue.) Cost of Goods Sold 825000 Inventory 825000 (To record cost of goods sold.) eTextbook and…

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