Which of the following statements regarding the income summary account is inaccurate?

Multiple Choice

• When a firm experiences net income, the income summary account will be debited during the third step of the closing entry process.

  Incorrect

• The Income Summary account has a debit balance within the postclosing trial balance.

• The income summary account is included in three of the four closing entries.

• Prior to the recording of the closing entries the income summary account often contains a balance.