Question

The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the:

Answer 1

It is termed as Income Summary account.

Income summary account

The income summary account is a temporary account into which all income statement revenue and expense accounts are transferred at the end of an accounting period. The net amount transferred into the income summary account equals the net profit or net loss that the business incurred during the period.

The income summary account is recorded by debiting revenue accounts and crediting expense accounts. The balances of the transferred amounts should match with the net income or loss for the year.

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