The balance of the income summary account of a corporation is transferred to which of the following accounts?

Question

Quizplus · Accepted Answer

The balance of the income summary account is the net income or net loss for the period. This amount is transferred to the retained earnings account, which is a cumulative account that tracks the profits or losses of the corporation from the time it was established. Therefore, option D is the correct answer.

The Balance of the Income Summary Account of a Corporation