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PROBLEM 1 (31 points) The following transactions occurred during the month of November in the operation of Carol's Cutsie Cosmetics, Inc, a wholesaler who sells to retail stores. Record each transaction listed below to show its impact on the accounting equation in the table provided on the next page for that purpose. For any entry that impacts Retained Earnings, write a brief description in the column provided. 0 November4- 0 November 15 0 November 16 0 November 26 0 November 30 Purchased merchandise for $9,000 on account from International Fragrance Corporation, terms: 3/10, n / 60. Made cash sales of $300. Sold merchandise to Lacyfs Department Store on account for $4,000, terms 2/10, n/30. The merchandise had cost Carol's $1,500. Received full amount due from Lacyfs Department Store Recorded the shrinkage adjustment. The inventory on hand as determined by taking a physical inventory at the end of November is $7,400. For PROBLEM 1: + Carol's Cutsie Cosmetics Transactions Record Shareholder's Assets Liabilities Equity Date Cash Accounts Merchandising Accounts Retained Description to Receivable Inventory Payable Earnings Retained EarningsPROBLEM 2 (20 points): The following is taken from the accounting records of the Makeup Hut for the month of April. Use this information to prepare a multiple step income statement for April in the space provided on the next page. Be sure to include only those items that belong on an income statement. Accounts payable $ 21,000 Accounts Receivable 40,000 Advertising Expense 12,000 Capital Stock 90,000 Cash 10,000 Cost of Goods Sold 300,000 Interest Expense 1,000 Merchandise Inventory 80,000 Retained Earnings, 4/30/20" 20,000 Sales (net of discounts and returns] 620,000 Salaries Expense 150,000 For Problem 2: Makeup Hut Income Statement For the month ended April 30, 20