Write a corresponding credit in the income summary account to balance the entry. For example, credit income summary for $10,000, the amount of the revenue for that period.

Income Summary is a temporary account showing net profit or loss for an accounting period. Suppose the account shows a net loss of $5,000. You close the account by crediting Income Summary with ...

These accounts are zeroed out and moved into a permanent account called retained earnings (or sometimes into an income summary account first).

To calculate a missing account on an income statement, first we need to understand how to read one Income statements are meant to be read from the top to the bottom.