Which of the following accounts would be closed to the income summary

1.	Which of the following accounts would be closed to the income summary account at the endof a period?
Answer» Answer: The temporary ACCOUNTS get closed at the end of an accounting year. Temporary accounts INCLUDE all of the income statement accounts (revenues, expenses, GAINS, losses), the SOLE proprietor's drawing account, the income summary account, and any other account that is USED for keeping a tally of the current year amounts.

Which of the following accounts would be closed to the income summary account at the endof a period?

Answer»

Answer:

The temporary ACCOUNTS get closed at the end of an accounting year. Temporary accounts INCLUDE all of the income statement accounts (revenues, expenses, GAINS, losses), the SOLE proprietor's drawing account, the income summary account, and any other account that is USED for keeping a tally of the current year amounts.

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Which of the following accounts would be closed to the income summary account at the endof a period?

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