Brief Exercise 2-12 (Static) Closing entries (LO2-8] The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings. $220,000, dividends, $12,000; sales revenue $850,000; cost of goods sold, $580,000 salaries expense, $180,000; rent expense $40,000; and interest expense, $15,000. 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