EX 4-15 Closing entries

Prior to its closing, Income Summary had total debits of $815,000 and total credits of $1,280,000.
Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the $815,000 and the $1,280,000.

Answer:
The income summary account is used to close the revenue and expense accounts, and it aids in detecting and correcting errors. The $815,000 represents expense account balances, and the $1,280,000 represents revenue account balances that have been closed.