Explain the purpose of the Income Summary account. Why is it used in the closing entry process?

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Understanding Financial Accounting

ISBN: 9781119715474

3rd Canadian Edition

Authors: Christopher D. Burnley

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Question Posted: Jan 20, 2023 05:02 AM

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Explain the purpose of the Income Summary account. Why is it used in the closing entry process?

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The Income Summary account is a temporary account used only on the last day of a c...View the full answer

Understanding Financial Accounting

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