The adjusted trial balance for China Tea Company at December 31, 2018, is presented below:

Debit Credit

Cash 10,800

Accounts receivable 153,000

Prepaid rent 5,300

Inventory 28,000

Equipment 330,000

Accumulated depreciation - equipment 128,000

Accounts payable 33,000

Notes payable - due in three months 33,000

Salaries payable 4,300

Interest payable 1,300

Common stock 215,000

Retained earnings 56,600

Sales revenue 430,000

Cost of goods sold 195,000

Salaries expense 123,000

Rent expense 18,000

Depreciation expense 33,000

Interest expense 2,300

Advertising expense 2,800

Totals 901,200 901,200

Required:

Prepare the closing entries for China Tea Company for the year ended December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet is grouped into three sections as follows:

1. Record the entry to close the revenue accounts using the income summary.
2. Record the entry to close the expense accounts using the income summary.
3. Record the entry to close the income summary account.