After all the closing entries have been posted the Income Summary account balance will
A) have a zero balance.
B) have a balance the same as the capital account.
C) have a balance the same as the cash account.
D) vary from company to company.

Question

Quizplus · Accepted Answer

The purpose of the Income Summary account is to transfer the revenue and expense account balances to the capital account. Once this transfer is complete, the Income Summary account should have a zero balance.

After All the Closing Entries Have Been Posted the Income