Transaction September 2019 (1) Issued common stock and received $250,000 in cash. (2) Purchased inventory from various suppliers, on credit, with a cost of $75,000. (3) Made credit sales of $70,000. (4) Made cash sales of $18,000. (5) Determined that inventory costing $59,000 was sold. (6) Paid $60,000 in cash for inventory purchases from (2). (7) Paid salaries of $11,000 in cash. (8) Paid rent of $5,000 on the store in cash. Transaction October 2019 (9) Purchased inventory; cost is $100,000; put $70,000 on credit and paid cash for the remaining balance. (10) Made credit sales of $90,000. (11) Made cash sales of $25,000. (12) Determined that inventory costing $80,000 was sold. (13) Collected $60,000 on accounts receivable (from (3)). (14) Paid $10,000 in cash for inventory purchases (from (2)). (15) Paid $5,000 in cash for inventory purchases (from (9)). (16) Paid salaries of $11,000 in cash (17) Paid rent of $5,000 on store in cash. Please prepare the accrual basis income statement and the cash basis operating statement for the month of October. (You do not have to do this for September)