A temporary account in the ledger used for closing revenues and expenses is
A) capital.
B) withdrawals.
C) income summary.
D) net income.

Question

Quizplus · Accepted Answer

Income summary is a temporary account used to transfer revenues and expenses from the income statement to the owner's equity account on the balance sheet. Its balance represents the net income or loss for the accounting period.

A Temporary Account in the Ledger Used for Closing Revenues