The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:

	Debit			Credit
Cash		11,500
Accounts receivable		160,000
Prepaid rent		6,000
Inventory		35,000
Equipment		400,000
Accumulated depreciationequipment					135,000
Accounts payable					40,000
Notes payabledue in three months					40,000
Salaries payable					5,000
Interest payable					15,000
Common stock					250,000
Retained earnings					72,000
Dividends		13,000
Sales revenue					500,000
Costs of goods sold		230,000
Salaries expense		130,000
Rent expense		25,000
Depreciation expense		40,000
Interest expense		3,000
Advertising expense		3,500
Totals		1,057,000			1,057,000

Required: Prepare the closing entries for China Tea Company for the year ended December 31, 2021