(Solved): American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted ...

American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31 , 2024 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 Note: If no entry is required for a transaction/event, select "No journal entry required" in the first Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts. Notes Enter debits before credits.