ou are a firstyear financial accountant at Isabellas, a manufacturing company that specializes in cat condos and beds. The following table lists activities that occur in the normal course of business at Isabellas. For each activity, identify which step, using the steps name, it is in the financial reporting process. Also include the steps timing in relationship to the reporting period (during the reporting period, end of the reporting period, or end of the fiscal year).

Activity	Step Name	Timing
Receive an order for $5,000 of inventory
Close income summary
Run quarterly trial balance
Run finalized general ledgers balances
Record payment for advertising that will start in one month
Run statement of cash flows
Make agreement to purchase a new warehouse
Post debit entry to accounts payable and credit entry to cash
Finalize adjusting entries and run GL balances
Run statement of owners equity
Close expense accounts
Equipment is bought on a sales terms of 2/10 net 30