How would you assess the usefulness of the Income Summary account as it relates to the closing process?
(A) It is a revenue account that records income owed to a company in future periods.
(B)It is a permanent account used to transfer balances into revenue and expense accounts
(C) It is a temporary account used to take revenue and expense accounts to a zero balance
(D) It is a holding account used each month to record changes in assets
Which is the correct answer?