Question

Which of the following statements is not correct?

a. Before the Income Summary account is closed, its balance represents the net income or net loss for the accounting period.
b. The owner's drawing account is closed to the Income Summary account.
c. The Income Summary account is used only at the end of an accounting period to help with the closing procedure.
d. The Income Summary account is a temporary owner's equity account.

Answer 1

B. The owner's drawing account is closed to the Income Summary account

Step-by-step explanation: