After all the closing entries have been posted the Income Summary account will have a zero balance.

Name: After all the closing entries have been posted the Income Summary account will have a zero balance.
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The purpose of the income summary account is to transfer the balances of revenue and expense accounts to the retained earnings account. As a result, once all closing entries have been posted, the income summary account will have a zero balance.

After All the Closing Entries Have Been Posted the Income