Question

Select the statement below that explains how to use the Income Summary account. Multiple choice question. The Income Summary account is credited during the adjusting process, as it is a contra asset account. The Income Summary account is used during the closing process to facilitate the closing of revenue and expense accounts. The Income Summary account is used during the closing process to facilitate the closing of all permanent accounts. The Income Summary account is debited for the sum of all revenue accounts during the closing process.

Answer 1

Answer:

Facilitate closing of revenue