Answered: The balance of this account shows the…

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The balance of this account shows the net income or net loss for the period before it is closed to the capital account.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 5DQ: What is the purpose of the Income Summary account? How does it relate to the revenue and expense...

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