Answer: Cost of Goods Sold.
Explanation: Cost of goods sold which is considered to be an expense account is a temporary account and they are being closed at the end of the year.
Closing of this account creates an access that lowers the value of the cost of goods some to zero and also helps to make sure the balances match. This is done by transporting the debit balances in the account to a clearing account which is thus called income summary.
