The adjusted trial balance for China Tea Company at December 31, 2024, is presented below: Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Notes payable (due in three months) Accounts payable Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals Required: Debit $ 12,000 165,000 6,500 Credit 40,000 450,000 $ 140,000 45,000 45,000 5,500 18,000 275,000 83,000 15,500 550,000 255,000 135,000 30,000 45,000 3,500 4,000 $ 1,161,500 $ 1,161,500 Prepare the closing entries for China Tea Company for the year ended December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Event General Journal Debit Credit 1 Sales revenue Cost of goods sold Record entry Clear entry View general journal > Journal entry worksheet 1 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Event 2 General Journal Debit Credit Journal entry worksheet 1 2 3 Record the entry to close the dividends account. Note: Enter debits before credits. Event 3 General Journal Debit Credit Record entry Clear entry View general journal