contestada

Revenues and expenses are transferred to the​ ________ account before their final transfer into the retained earnings account.
a. net income
b. dividends
c. assets
d. income summary

Respuesta :

W0lf93
D is the correct answer. Income summary is a sort of "catch-all" account that holds both revenues and expenses before recording them as retained earnings. These will then be rectified at the end of the manual accounting period. If there is a net profit or loss for the business, it will be reflected during the accounting period in the income summary.