The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $305,000; sales revenue, $960,000; cost of goods sold, $660,000; salaries expense, $195,000; rent expense, $46,000; 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.) View transaction list Journal entry worksheet

The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances; retained earnings, $305,000; sales revenue, $960,000; cost of goods sold, $660,000; salaries expense, $195,000; rent expense, $46,000; 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 revenue accounts using the income summary. Note: Enter debits before credis. Journal entry worksheet Record the entry to close the income summary account. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the expense accounts using the income summary. Note: Enter debits before credits