ek 1 Qulz Help Save &Exit Submt Brief Exercise 2-12 Closing entries [LO2-7) 5 The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account belances: retained earings, $220,000: sales revenue. S850,000; cost of gods sold. S580000, salaries expense. Ste0,000 ret expense $40000 and Interest expense, $15,000. Prepare the necessary closing entries. (f no entry is required for a transactlon/levent, select "No Journal entry required" In the first account field Journal entry worksheet Reoord the entry to close the revenue accounts using the income summany