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 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 onemonth 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 Bury equipment with sales terms of 2/10 net 30 Step Name Identify accounting transactions Joumalize and post closing entries Journalize the accounting transactions Post journal entries to ledgers Prepare adjusted triat balance Prepare an unadjusted trial balance Prepare financialstatements Prepare post closing trial balance During reporting period End of reporting period End of reporting period End of fiscal year End of reporting period End of reporting period During reporting period During reporting period