What is an Income Statement account?

Hi

I will try to explain my confusion with a question:

In closing inventory, the entry is as follows:

Dr. Inventory Account (closing inv. value)
Cr. Income Statement

my question is:

Is there a physical account called “Income statement” in the Chart of Accounts?

I will elaborate on my confusion with another example:

During a write off of a bad debt, the entry is as follows:

Dr. Irrecoverable Debts
Cr. Receivable.

So the T account shows a debit balance in the Irroverable Debts account.

when it is charged to the Income Statement,

we see a Cr to the Irrecoverable with the description ‘transfer to Income statement’

so does this mean that the Income Statement gets debited?

Of course, in all of the Chart of Accounts in FA!,MA1 and FA2, i have not seen a chart that has explicitly an account called Income Statement.

Please not, I understand all the entries and the logic. am just trying figure out this Income Statement thing.

Appreciate all the help

Regards

Mansoor