For each of the following transactions, identify the accounts that are affected; identify the account as an asset, liability, equity, revenue or expense; indicate whether that account is increased or decreased; and indicate whether net income increased, decreased, or was not affected (the first one is done as an example) You purchased $3,000 of wood for your birdfeeders on account Materials Inventory is an asset and it was increased Accounts Payable is a liability and it was increased Net income was not affected by this transaction Sold a birdfeeder for $50 cash is an is an Net Income was and it was and it was by this transaction. c) Borrowed $10,000 from your parents is an is an Net Income was and it was and it was by this transaction. d) Paid for the current month's rent, $3,000 is an is an Net Income was and it was and it was by this transaction