What is the purpose of using an income summary account? If an income summary account was not

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What is the purpose of using an income summary account? If an income summary account was not used, how would the closing entries change?

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Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Question Posted: Mar 15, 2017 11:07 AM

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What is the purpose of using an income summary account? If an income summary account was not

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The Income Summary account is used to avoid having a lot of detailed entries on the ...View the full answer

Accounting Principles Part 1

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