The year$-$end adjusted trial balance of the Tool and Die Corporation included the following account balances: retained earnings,

$$220,0,00$; dividends, $$12,000$; sales revenue, $$850,000$; cost of goods sold, $$580,000$; salaries expense, $$180,000$; rent expense,

$$40,000$; and interest expense, $$15,000.$

Prepare the necessary closing entries.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$2$

$3$

Record the entry to close the expense accounts using the retained earnings

account.

Note: Enter debits before credits.