Part 1: Highlight and describe the differences between the Income Stitnn'rarjtr and Income Statement. The income summer}.r summarizes the revenue and expenses to: an accounting period. The income statement in the ledger. It's used only at the end otthe aocou nting period. Inoome statement is the nancial statement that summarizes the protability of a business for a specied period and so mrnar'gtI of the business" revenue and expenses. It presents the net income or net loss for an amounting period. Guidelines: 1. Highlight what an Income Sunnnargtr account is and what an Income Statement is. 2. Highlight the purpose of preparing an Income Summary and an income Statement. 3. Highlight the effects of the T account. 4. The description should not exceed lift},r words