After all closing entries have been posted,the balance of the Income Summary account will be zero.

Name: After all closing entries have been posted,the balance of the Income Summary account will be zero.
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Quizplus · Accepted Answer

The purpose of the Income Summary account is to transfer the balances of the revenue and expense accounts to the retained earnings account. Once this transfer is complete and the closing entries have been posted, the balance of Income Summary will indeed be zero.

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