The balance in Income Summary after posting all revenues and expenses for the period is equal to the amount closed to the Capital account.

Name: The balance in Income Summary after posting all revenues and expenses for the period is equal to the amount closed to the Capital account.
Brand: Quizplus
Rating: 4.9 (39 reviews)

Question

Quizplus · Accepted Answer

The balance in the Income Summary account after posting all revenues and expenses reflects the net income or loss for the period, which is then closed to the Capital account, affecting the owner's equity.

The Balance in Income Summary After Posting All Revenues and Expenses