Briefly explain the impact (increase or decrease) these transactions would have on specific accounts in the income statement and balance sheet.

Date	Transaction
January 1	Borrowed $6,000 on a note payable. Interest rate of 7% is to be paid at the end of each month.
January 10	Purchased 10 GoPro cameras for $100 each on account. Payment to the supplier is due on February 9.
January 20	Sold 2 of those GoPro cameras for $175 each on account.
January 31	Sold gift cards totaling $2,000 for cash to customers.