The Income Summary account is used to a. close revenue accounts and expense accounts and update...

Transcribed Image Text:

The Income Summary account is used to a. close revenue accounts and expense accounts and update the owner's capital account. b. close the drawing account. c. close the revenue accounts only. d. close the revenue accounts and expense accounts only. The Income Summary account is used to a. close revenue accounts and expense accounts and update the owner's capital account. b. close the drawing account. c. close the revenue accounts only. d. close the revenue accounts and expense accounts only.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The correct answer is a Close revenue a... View the full answer