Homework answers / question archive / Poskie Ltd's adjusted trial balance includes the following accounts, all with normal balances: Service Revenue, $52,000; Salaries Expense, $25,000; Depreciation Expense, $14,000; Other Operating Expenses, $18,000; Accumulated Depreciation, $30,000; Other Comprehensive Income--Gain on Foreign Currency Translation, $10,000; Retained Earnings $180,000; and Revaluation Reserve $23,000

Poskie Ltd's adjusted trial balance includes the following accounts, all with normal balances: Service Revenue, $52,000; Salaries Expense, $25,000; Depreciation Expense, $14,000; Other Operating Expenses, $18,000; Accumulated Depreciation, $30,000; Other Comprehensive Income--Gain on Foreign Currency Translation, $10,000; Retained Earnings $180,000; and Revaluation Reserve $23,000

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Poskie Ltd's adjusted trial balance includes the following accounts, all with normal balances: Service Revenue, $52,000; Salaries Expense, $25,000; Depreciation Expense, $14,000; Other Operating Expenses, $18,000; Accumulated Depreciation, $30,000; Other Comprehensive Income--Gain on Foreign Currency Translation, $10,000; Retained Earnings $180,000; and Revaluation Reserve $23,000. Required: Prepare the journal entry to close Income Summary. You do not have to prepare the journal entries to close the individual income and expense accounts.