The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $300,000; dividends. $44,000: sales revenue, $950,000; cost of goods sold, $650,000, salaries expense. $190.000; rent expense, $45,000; and interest expense, $31,000, 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 X 1 Record the entry to close the revenue accounts using the retained earnings account. nings 2 Record the entry to close the expense accounts using the retained earnings account. 3 Record the entry to close the dividends account