The Income Summary account is used to:_______.
1. Adjust and update asset and liability accounts.
2. Close the revenue and expense accounts.
3. Determine the appropriate withdrawal amount.
4. Replace the income statement under certain circumstances.
5. Replace the capital account in some businesses.
In accounting, the income summary acount is used to close the revenue, expense, and dividend accounts and not the asset, liability, Common Stock, or Retained Earnings accounts
