I am working on how to do end of year closing.1) Is Income Summary the only account to use when clearing out temporary accounts?2) Please tell me all accounts that are temporary3) Are Revenue and Expenses cleared out by using Income Summary account at the same time?4) Are Retained Earnings and Dividends closed out at the same time using Income Summary?

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I am working on how to do end of year closing.
1) Is Income Summary the only account to use when clearing out temporary accounts?
2) Please tell me all accounts that are temporary
3) Are Revenue and Expenses cleared out by using Income Summary account at the same time?
4) Are Retained Earnings and Dividends closed out at the same time using Income Summary?

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