[Answer] On which financial statement will Income Summary be shown?

Answer: No financial statement

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On which financial statement will Income Summary be shown? The income summary does not appear on any financial statement . The income summary account is a temporary account that all income statement revenue ... See full answer below. Revenues expenses income summary drawing account The balance in the prepaid rent account before adjustment at the end of the year is $17 220 which represents 9 months' rent paid on December 1. Determine the adjusting entry required on December 31. Two accounting concepts that are often confused with each other are the income summary and the income statement . While both are designed to report your company’s net profits and losses the similarities end there. The income statement is a detailed account of a business' income and expenses . It’s a permanent part of the accounting record. Mon Dec 05 2011 · . On which financial statement will Income Summary be shown? There was $1 000 balance in the supplies account at the beginning of the period. During the period the supplies account was increased by $2 500 for supplies purchased. At the end of the period before adjustment $700 of supplies were on hand. Journalize the necessary adjusting entry. ...

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