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The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Title Debit Credit Cash 12,400 Accounts Receivable 169,000 Prepaid Rent

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

Title Debit Credit

Cash 12,400

Accounts Receivable 169,000

Prepaid Rent 6,900

Inventory 44,000

Equipment 490,000

Accumulated Depreciation Equipment 144,000

Accounts payable 49,000

Notes payable due 49,000

Salaries payable 5,900

Interest payable 20,400

Common Stock 295,000

Retained Earnings 91,800

Dividends 17,500

Sales Revenue 590,000

Cost of goods sold 275,000

Salaries expense 139,000

Rent expense 34,000

Depreciation Expense 49,000

Interest expense 3,900

Advertising expense 4,400

Totals 1,245,100 1,245,100

I need help understanding how to input the closing entries for China Tea Company for the year ended December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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