The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $235,000; sales revenue, $820,000; cost of goods sold, $520,000; salaries expense, $195,000; rent expense, $43,000; and interest expense, $18,000. Prepare the necessary closing entries.

Record the entry to close the revenue accounts using the income summary.

Record the entry to close the expense accounts using the income summary.

Record the entry to close the income summary account.