Transaction analysis and the transaction worksheet: Below are all of the transactions for Goalie's Ball, Inc., a soccer retail store, for the month of May 2018. Assume that May is the 1st month of business for Goalie's Ball (i.e. all accounts have a beginning balance on May 1s of $O) a. Borrows $50,000 from the bank, signing a note to pay the loan back in 5 years. b. Purchases inventory for $10,000 on account. c. Sells inventory, which originally cost $4,000, for $5,500 in cash to customers. d. Pays $1,300 cash for rent for May 2018. e. Pays inventory suppliers S1,000 of the $10,000 owed from transaction b. f. Sells inventory, which originally cost $2,000, for $2,700 on account to customers. Part 1- account identification and transaction analysis (3pts): For each of the above transactions, 1) describe the net effect (increase, decrease, or no effect) of each transaction on assets, liabilities, and stockholders' equity using the accounting equation, and 2) in parentheses, identify the specific account the transaction would affect. I have completed transaction a. for you as an example. HINT: Remember, the accounting equation must always remain in balance! Assets Increases $50,000 (Cash Liabilities Increases $50,000 (Notes pavable No effect c.1 c.2 Part 2 - transaction worksheet (4pts): 1) Prepare a 'transaction worksheet' summarizing all of the transactions you have analyzed for Goalie's Ball in Part 1 and, 2) show that for the ending balances on 5/31, TOTAL ASSETS = TOTAL LIABILITIES + SHAREHOLDERS' EQUITY. I have provided a framework for you and completed transaction a. for you as an example (you should also see Ilustration 2-4 in your custom text). HINT: Again, make sure the accounting equation remains in balance! Assets Cash AccountsInventory Retained Earnings Rev Accounts Notes Rec. (A/R) 0 Payable (A/P) Payable (N/P) Stock Exp 0 Div 0 0 0 +$50,000 a +$50,000 c.1 c.2