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What is an income summary account and the purpose why is it

Questions - Can you help with the following three questions?

What is an income summary account and the purpose?

Why is it important to journalize and post closing entries and the steps to close them?

What are the accounting cycle and a brief of each step?

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Accounting Basics: What is an income summary account and the purpose why is it

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Accounting Basics: What is an income summary account and the purpose why is it

Reference No:- TGS02710762

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