I am working on a project for school and I am at a lose on where to put my income summary. My choices are either under cost of goods sold, selling expense, or Gereral and administrative expenses. Can someone please help?? :confused:

Income summary account is only used when you are closing out your revenues and Expenses to Retained Earnings which is a balance sheet Account.

You close out revenues and expenses because they are temperary accounts, which means the amounts in these accounts to not transfer from period to period. At the beiginning of the next period all temporary accounts will have a zero balance.