Brief Exercise 2-12 (Algo) Closing entries [LO2-8] The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings $240.000, dividends, $20,000, sales revenue, $830,000 cost of goods sold, $530,000 salaries expense, $200,000, rent expense, $44,000; and interest expense, $19.000 Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts using the retained earnings account. Note: Erster debits before credits General Journal Transaction 1 Debit Credit Record Clear entry View general Journal