Income Summary is a temporary account located in the chart of accounts under
A) Assets.
B) Liabilities.
C) Owner's Equity.
D) Revenue.

Name: Income Summary is a temporary account located in the chart of accounts under A) Assets. B) Liabilities. C) Owner's Equity. D) Revenue.
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Question

Quizplus · Accepted Answer

Income Summary is a temporary account used in the closing process that summarizes revenues and expenses, ultimately transferring any net income or loss to the owner's equity section of the balance sheet.

Income Summary Is a Temporary Account Located in the Chart