Which of following statements are true?

Question

a. The Income Summary account is located in the owner's equity
section of the general ledger.
b. The Income Summary account has a normal debit period.
c. The Income Summary account has a permanent debit period.
d. The Income Summary account is used throughout the accounting periods.

Answer 1

a. The Income Summary account is located in the owner's equity section of the general ledger.

d. The Income Summary account is used throughout the accounting periods.