Final answer:
1) Income Summary.
The clearing account used for closing temporary accounts in an accounting cycle is the Income Summary account. This account is used to gather the balances of all income and expense accounts before transferring the net balance to the owner's capital account.
Step-by-step explanation:
The clearing account used to close the temporary accounts and which will also be closed before the finish of the accounting cycle is 1) Income Summary.
The Income Summary account is a temporary account into which all income and expense accounts are transferred at the end of an accounting period. The net balance (which represents the net income or loss for the period) is then transferred to the owner's capital account, after which the Income Summary account is closed. This process helps in preparing the books for the new accounting cycle.
The owner's capital account is not a temporary account; rather it's a permanent equity account that tracks the owner's equity in the business.
The Fees Earned account represents income and is closed to the Income Summary. The owner's drawing account is also a temporary account, reflecting withdrawals by the owner, and it's closed to the owner's capital account, not into the Income Summary.