The adjusted trial balance for China Tea Company at December 31, 2013, is presented below:

	Debit	Credit
Cash	10,500
Accounts receivable	150,000
Prepaid rent	5,000
Inventory	25,000
Equipment	300,000
Accumulated depreciation-equipment		125,000
Accounts payable		30,000
Notes payable-due in three months		30,000
Salaries payable		4,000
Interest payable		1,000
Capital stock		200,000
Retained earnings		50,000
Sales Revenue		400,000
Cost of goods sold	180,000
Salaries expense	120,000
Rent expense	15,000
Depreciation expense	30,000
Interest expense	2,000
Advertising expense	2,500
Totals	840,000	840,000

Prepare the closing entries for China Tea Company for the year ended December 31, 2013.