The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained eamings, $295,000; dividends, $42,000; sales revenue, $940,000; cost of goods sold, $640,000; salaries expense, $185,000; rent expense, $42,000; and interest expense, $30,000. Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close the revenue accounts using the retained earnings account. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal