What does income summary mean when closing entries?

Business

2 answers:

xxTIMURxx [149]3 years ago

4 0

The income summary is a temporary account used to make closing entries

Ilya [14]3 years ago

3 0

Answer: The income summary is a temporary account used to make closing entries. All temporary accounts must be reset to zero at the end of the accounting period. The income summary account then transfers the net balance of all the temporary accounts to retained earnings, which is a permanent account on the balance sheet.

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<h3>What is faithful representation?</h3>

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Learn more about Faithful representation here:brainly.com/question/14506917

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