Income Summary
A) is a temporary account.
B) is a permanent account.
C) summarizes revenue and expenses and transfers the balance to Capital.
D) Both A and C are correct.

Question

Quizplus · Accepted Answer

The Income Summary account is a temporary account used during the closing process to summarize revenue and expenses for the period, and its balance is then transferred to the owner's capital account, making both A and C correct statements.