income summary accountthis is a temporary account, Accounting Basics

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income summary accountthis is a temporary account

INCOME SUMMARY ACCOUNT

This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. There is no "normal" balance for this account. This account never appears on financial statements.

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Accounting Basics: income summary accountthis is a temporary account

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