The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $245,000; dividends, $22,000; sales revenue, $840,000; cost of goods sold, $540,000; salaries expense, $205,000; rent expense, $45,000; and interest expense, $20,000. 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 expense accounts using the retained earnings account. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Journal entry worksheet