40. Prepare the closing entries for the year ended december 31, 2018

The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Credit Debit 10,500 150,000 5,000 25,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation - equipment Accounts payable Notes payable - due in three months Salaries payable Interest payable Common stock Retained earnings Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 300,00 125,000 30,000 30,000 4,000 1,000 200,000 400,000 180,000 120,000 15,000 30,000 2,000 2.500 840,000 840,000 Required: Prepare the closing entries for China Tea Company for the year ended December 31, 2018. (If no entry is required for a transactlon/event select "No journal entry required" in the first account field.)