The Income Summary account line on the work sheet
A) has a debit and a credit side.
B) relates to adjusting merchandise inventory.
C) is the only account in which we don't combine the debit and credit figures.
D) is all of these.
E) is none of these.

Question

Quizplus · Accepted Answer

The Income Summary account on the worksheet indeed has a debit and a credit side, relates to adjusting merchandise inventory, and is unique in that we don't combine the debit and credit figures within it. Therefore, all the given statements are correct about the Income Summary account.

The Income Summary Account Line on the Work Sheet