Highlight and describe the differences between the Income Summary and Income Statement. The income summary summarizes the revenue and expenses for an accounting period. The income statement in the ledger. It's used only at the end of the accounting period. Income statement is the financial statement that summarizes the profitability of a business for a specified period and summary of the business' revenue and expenses. It presents the net income or net loss for an accounting period. Guidelines: Highlight what an Income Summary account is and what an Income Statement is. Highlight the purpose of preparing an Income Summary and an Income Statement. Highlight the effects of the T account. The description should not exceed fifty words. FWD-'1"