You are a first$-$year financial accountant at Isabella's, a manufacturing company that specializes in cat condos and beds. The following table lists activities that occur in the normal course of business at Isabella's. For each activity, identify which step, using the step's name, it is in the financial reporting process. Also include the step's 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 purch$$se a new warehouse

Post debit entry to accounts payable and credit entry to cash

Finalize adjusting entries and run GL balances

Identifv accounting transactions

Journalize and post closing entries

Prebare adiusted trial balance

Preoare an unadiusted trial balance

Journalize the accounting transactions $$

Prepare financial statements

Prepare financial statements