The adjusted trial balance for China Tea Company at December 31, 2024, is presented below:

	Debit	Credit
Cash	$ 11,100
Accounts receivable	156,000
Prepaid rent	5,600
Inventory	31,000
Equipment	360,000
Accumulated depreciation		$ 131,000
Accounts payable		36,000
Notes payable (due in three months)		36,000
Salaries payable		4,600
Interest payable		12,600
Common stock		230,000
Retained earnings		63,200
Dividends	11,000
Sales revenue		460,000
Costs of goods sold	210,000
Salaries expense	126,000
Rent expense	21,000
Depreciation expense	36,000
Interest expense	2,600
Advertising expense	3,100
Totals	$ 973,400	$ 973,400

Required:

Prepare the closing entries for China Tea Company for the year ended December 31, 2024.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.