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The Income Summary account is: The account from which the amount of the net income or loss is transferred to the owners' capital accounts in

The Income Summary account is:

  • The account from which the amount of the net income or loss is transferred to the owners' capital accounts in a partnership.
  • A temporary account.
  • Used in the closing process to summarize the amounts of revenues and expenses.
  • Not a permanent account.
  • All of these answers are correct.

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