Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Join our Q&A platform and get accurate answers to all your questions from professionals across multiple disciplines. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
Income summary account would be credited when closing the account for fees earned for the year.
Income summary account reflects all the temporary accounts of a business received upon closing them at the end of every accounting period. It consists of all income statement revenue and expense accounts transferred at the end of an accounting period. The net amount into the income summary account is equal to the net profit or loss that the business incurred during the period.
The income summary account summarizes income and expenses arising from operating and non-operating activities. Thus, it is also termed as a revenue or expense summary account. In all, it is an intermediate account with the balances of the revenue and expenses.
Learn more about income statement: brainly.com/question/6813231
#SPJ4
We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.
