Task Team of FUNdaMENTAL aCCOUNtIng School of Business. Sun Yat-sen University Accounts Credit 4. Healy Toy Builders experienced all of the following events during the month of November 2003 a. Sold toys for $28,000,000 to K-Mart on credit b. Paid employees $60,000, 000 for work performed during the months of October and November Half of the work relates to november 2003 c. Purchased $70,000,000 of wood and other materials needed to make more toys on d Used half the wood and other materials to make toys e. Received a $12, 000, 000 utility bill that relates to the month of November 2003 The bill will not be paid until December 15, 2003 f Paid $70,000,000 to the supplier of the wood and other materials g. Collected $15,000,000 worth of receivables that relate to October 2003 credit h. Received $7,000,000 in advance payments for toys not yet made or shipped i Sold toys for $50,000,000 to Wal-Mart on credit Required 1) Identify all of the events that would result in recognizing revenue in the month of November 2003 2)Identify all of the events that would result in recognizing expenses in the month of November 2003 3) Determine the net income or net loss for the month of November 2003Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University Item Accounts Debit Credit 4． Healy Toy Builders experienced all of the following events during the month of November 2003. a. Sold toys for $28,000,000 to K-Mart on credit. b. Paid employees $60,000,000 for work performed during the months of October and November. Half of the work relates to November 2003. c. Purchased $70,000,000 of wood and other materials needed to make more toys on account. d. Used half the wood and other materials to make toys. e. Received a $12,000,000 utility bill that relates to the month of November 2003. The bill will not be paid until December 15, 2003. f. Paid $70,000,000 to the supplier of the wood and other materials. g. Collected $15,000,000 worth of receivables that relate to October 2003 credit sales. h. Received $7,000,000 in advance payments for toys not yet made or shipped. i. Sold toys for $50,000,000 to Wal-Mart on credit. Required: 1) Identify all of the events that would result in recognizing revenue in the month of November 2003. 2) Identify all of the events that would result in recognizing expenses in the month of November 2003. 3) Determine the net income or net loss for the month of November 2003