The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is...


The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference<br>is added to (or subtracted from) the owner's capital account is the:<br>Multiple Choice<br>Income Summary account.<br>Closing account.<br>Balance column account.<br>Contra account.<br>Nominal account.<br>

Extracted text: The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the owner's capital account is the: Multiple Choice Income Summary account. Closing account. Balance column account. Contra account. Nominal account.

Jun 11, 2022
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