How to use Boolean operators in an If statement in Python

I just read a tutorial on Boolean operators in Python, but I can’t get my head around how I can use an if statement together with and.

For example, this doesn’t seem to work well:

# variable1 = 'lorem'
variable2 = 'ipsum'

if 'variable1' and 'variable2' in locals():
    print('Both exist')
else:
    print('Only variable:', variable1, 'exist')

It gives me Both exist when in fact only one variable exist.

So instead of a boolean approach, I tried using multiple if loops like this:

# variable1 = 'lorem'
variable2 = 'ipsum'

if 'variable1' in locals():
    if 'variable2' in locals():
        print('Both exist')
else:
    print('Only variable:', variable1, 'exist')

But this raises an NameError: name 'variable1' is not defined. Did you mean: 'variable2'?.

To be clear, my question is not how to check if a variable exists. My question is how to check if two variables exist with Boolean operators.

I am fully aware that I have commented out variable1. That is the whole point.

Edit: Since this question got duped as this one, I must state that this is not about finding variables in a list. Therefore it is not the same question.