The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the:

A) Income Summary account.
B) Closing account.
C) Balance column account.
D) Contra account.
E) Nominal account.

Income Summary Account

An account used to transfer the balances of temporary accounts to a permanent account at the end of an accounting period, summarizing revenue and expenses.

Closing Process

The procedure at the end of an accounting period where income and expense accounts are cleared out to start the new period with a zero balance.

Revenues and Expenses

Pertains to the income generated from normal business operations and the costs incurred to generate that income, crucial for determining net profit.