Question: Select the statement below that explains how to use the Income Summary account. Click the answer you think is right. The Income Summary account is

Select the statement below that explains how to use the Income Summary account. Click the answer you think is right. The Income Summary account is used during the closing process to facilitate the closing of revenue and expense accounts. The Income Summary account is credited during the adjusting process, as it is a contra asset account. The Income Summary account is debited for the sum of all revenue accounts during the closing process. The Income Summary account is used during the closing process to facilitate the closing of all permanent accounts. Read about this Do you know the answer? know it Think so No idea Unsure
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