The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $315,000; dividends, $50,000; sales revenue, $980,000; cost of goods sold, $680,000; salaries expense, $155,000; rent expense, $48,000; and interest expense, $22.000. Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the fire account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 1,020,000 Sales revenue Sales revenue 1,020,000 2 2 Cost of goods sold Salaries expenso Rent expense Interest expense 680,000 155,000 48,000 22,000 3 3 50,000 Retained earnings Dividends 50,000 Journal entry worksheet 1 ained earnings 2 3 No journal entry required Record the e Accounts payable account. Accounts receivable Accrued liabilities Note: Enter debit Accumulated depreciation Transaction Advertising.enance Sales revenue Sales revenue Credit Debit | 1,020,000 1,020,000 Record entry Clear entry View general journal entry worksheet