Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure.

Name: Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure.
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Closing revenue and expense accounts to the Income Summary account is a required bookkeeping procedure to determine the net income or net loss for a period. The balance in the Income Summary account is then closed to the Retained Earnings account.

Closing Revenue and Expense Accounts to the Income Summary Account