Income Summary is closed with a debit to Income Summary and a credit to the Withdrawals account.

Name: Income Summary is closed with a debit to Income Summary and a credit to the Withdrawals account.
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Income Summary is closed with a credit to Income Summary and debits to various revenue accounts. The final balance in Income Summary is then transferred to the Retained Earnings account, not to the Withdrawals account.

Income Summary Is Closed with a Debit to Income Summary