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

	Debit			Credit
Cash		10,900
Accounts receivable		154,000
Prepaid rent		5,400
Inventory		29,000
Equipment		340,000
Accumulated depreciationequipment					129,000
Accounts payable					34,000
Notes payabledue in three months					34,000
Salaries payable					4,400
Interest payable					11,400
Common stock					220,000
Retained earnings					58,800
Dividends		10,000
Sales revenue					440,000
Costs of goods sold		200,000
Salaries expense		124,000
Rent expense		19,000
Depreciation expense		34,000
Interest expense		2,400
Advertising expense		2,900
Totals		931,600			931,600

Required: Prepare 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.)