1) Alexis believes that temporary account information is deleted through the closing entries. Do you agree or disagree? Explain. What is the relationship between temporary or permanent accounts? 2) What is the purpose of the income summary account? How is it different from the Income Statement? 3) Describe the similarities and differences between adjusting and closing? 4) Daniel is having trouble determining whether withdrawals, owner's capital, interest income, and prepaid insurance are temporary or permanent accounts in accounting and classify the accounts into each category?