American chip corporation’s reporting year-end is december 31. the following is a partial adjusted trial balance as of december 31, 2021. account title debits credits retained earnings 81,000 sales revenue 760,000 interest revenue 3,500 cost of goods sold 425,000 salaries expense 110,000 rent expense 16,000 depreciation expense 31,000 interest expense 5,100 insurance expense 6,100 required: prepare the necessary closing entries at december 31, 2021. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Explanation:

The closing entry for the following accounts are shown below:

1. Sales Revenue A/c Dr 760,000

  Interest Revenue A/c Dr $3,500

             To Income Summary $763,500

 (Being revenue account closed)

2. Income summary A/c Dr $593,200

                          To cost of goods sold $425,000

                          To Interest Expense $5,100

                           To Salaries  Expense $110,000

                           To depreciation  Expense $31,000

                            To Rent Expense $16,000

                             To  Insurance expense $6,100

(Being expenses accounts are closed)

3. Income summary A/c Dr $170,300

                           To Retained earning $170,300

(Being the difference is credited to retained earning)

The retained earning is computed by

=  Number 1 - Number 2

=  $763,500 -  $763,500

= $170,300

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.

answer; ///blank(1); rate-buster; blank(2) systematic soldiering;