Income summary

Income summary is.. 

 

The insome summary account is a traditional account into which all income statemen revenue and expense accounts are transfered at the end of accounting period. The next amunt transfered into the income summary account equals the nert profit or loss that the business incured during the period. Thus, shifting revenue out of the income statement means debiting the revenue account for the total amount of revenue recorded in the period, and crediting the income summary account.