The Income Summary account has two purposes: To accumulate the revenue and expenses for an accounting

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The Income Summary account has two purposes:

• To accumulate the revenue and expenses for an accounting period, and

• To summarize the revenue and expenses for an accounting period.

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Glencoe Accounting First Year Course

ISBN: 9780078688294

1st Edition

Authors: Andrée Vary

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Question Posted: Jun 10, 2022 12:13 AM

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The Income Summary account has two purposes: To accumulate the revenue and expenses for an accounting

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Accruals are expenses and revenues that gradually accumulate throughout an accounting period Accr...View the full answer

Glencoe Accounting First Year Course

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