Q2. In chapter 3, slide 42, there is a summary of the accounting cycle. Describe each step. (2 Marks) The Accounting Cycle Start 10. Reverse (optional) 9. Prepare post-closing trial balance 1. Analyze transactions 8. Close 2. Journalize 3. Post 7. Prepare statements 4. Prepare unadjusted trial balance 5. Adjust 6. Prepare adjusted trial balance Q3. Explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2020 (2 Marks) Consulting revenue SARS0,000 Rental revenue 20,000 Supplies expense 5,000 Rent expense 30,000 Wages expense 15,000 Assignment Question(s): (Marks 5) Q1. Discuss three of the accounting principles and assumptions with examples. (1 Mak)