Income Summary:

A) is a temporary account.
B) is a permanent account.
C) summarizes revenues and expenses and transfers the balance to Capital.
D) Both A and C are correct.

Income Summary

Income summary is an account where revenues and expenses are accumulated to calculate net income or loss for a specific period before transferring to the capital account.

Temporary Account

An account used to accumulate transaction information during a single accounting period, which is then transferred to permanent accounts.