The Income Summary account would be reported on which financial statement?
A) Income Statement
B) Balance Sheet
C) Statement of Owner's Equity
D) None. The Income Summary account is not reported on a financial statement.

Question

Quizplus · Accepted Answer

The Income Summary account is a temporary account used during the closing process of the accounting cycle to transfer revenues and expenses to the Retained Earnings or Owner's Equity account. It is not reported on any financial statement because its balance is zero after the closing entries are completed.

The Income Summary Account Would Be Reported on Which Financial