Part 1: Highlight and describe the diEEerences between the Income Summer}.r 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 ofthe apcdu nting period. Income statement is the nancial statement that summarizes the protability oF a business for a specied period and summaryI of the husiness' revenue and expenses. It presents the net income or net loss for an amounting period. Guidelines: 1. Highlight what an 1ncome Summary 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 l'ift].r words