The income summary account is also called
A) the imprest account
B) the clearing account
C) the adjustments account
D) the helpful account

Name: The income summary account is also called A) the imprest account B) the clearing account C) the adjustments account D) the helpful account
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Question

Quizplus · Accepted Answer

The income summary account is also known as the clearing account because it is used to clear out all revenue and expense accounts at the end of an accounting period.

The Income Summary Account Is Also Called