Chech Brief Exercise 2-12 Closing entries (LO2-7] The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $240,000, 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