The third step in the closing process is to transfer the balance in which of the following accounts to the permanent owner's equity account?

Question

Quizplus · Accepted Answer

The balance in the Income Summary account is transferred to the permanent Owner's Equity account as part of the closing process. This account serves as a temporary holding account for all revenues and expenses during the accounting period, and its balance should be zero at the end of the closing process.

The Third Step in the Closing Process Is to Transfer