The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $290,000; dividends, $40,000; sales revenue, $930,000; cost of goods sold, $630,000; salaries expense, $180,000; rent expense, $43,000; and interest expense, $29,000.

Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet Record the entry to close the revenue accounts using the retained earnings account. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts using the retained earnings account. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the dividends account. Note: Enter debits before credits