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The entries that transfer the revenue, expense, and withdrawals balances to the Owner, Capital account to prepare the company's books for the next period are called ________.
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The entries that transfer the revenue, expense, and withdrawals balances to the Owner, Capital account to prepare the company's books for the next period are called ________.

User Conrad
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Answer: income summary

Step-by-step explanation:

An income summary is a temporary account into which the balances of the revenue and expense accounts are transferred at the end of the accounting period. The net amount in the income summary account is the profit or loss for that period.

User Miro Solanka
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