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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

What is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?

To determine

Mention the purpose of Income Summary account.

Explanation

Income Summary account: This is a clearing account which closes the revenue, expenses, and drawings accounts to capital accounts. As the name implies, the account summarizes the net amount of revenues and ex...

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