The Income Summary account is a permanent account that will be carried forward period after period.

Name: The Income Summary account is a permanent account that will be carried forward period after period.
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The Income Summary account is a temporary account that is used to summarize revenues and expenses for the period and transfer the net income or loss to the retained earnings account. It is not a permanent account that is carried forward from period to period.

The Income Summary Account Is a Permanent Account That Will