After all closing entries have been posted,the balance of the Income Summary account will equal net income for the period.

Name: After all closing entries have been posted,the balance of the Income Summary account will equal net income for the period.
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The balance of the Income Summary account will be zero after all closing entries have been posted, as it is used to transfer net income or loss to the Retained Earnings account.

After All Closing Entries Have Been Posted,the Balance of the Income