Revenues and expenses may be transferred to the ________ account before their final transfer into the Owner,Capital account.
A) Net Income
B) Income Summary
C) Owner, Withdrawals
D) Assets

Question

Quizplus · Accepted Answer

Income Summary account is used to transfer revenues and expenses before their final transfer into the Owner, Capital account. This account helps to summarize the net income or loss for the period, which is then transferred to the Owner, Capital account.

Revenues and Expenses May Be Transferred to the ________ Account