The Income Summary account is a(n)
A)Balance Sheet account.
B)Income Statement account.
C)Temporary account.
D)Permanent account.
E)Both Income Statement and Balance Sheet accounts.

Question

Quizplus · Accepted Answer

The Income Summary account is a temporary account used only during the closing process to transfer the balances of revenue and expense accounts to retained earnings. It does not appear on the balance sheet and is closed out at the end of each accounting period.

The Income Summary Account Is A(n)