For each of the following transactions of Woods Inc., identify the accounts effected and the whether they were increased or decreased. 1. Purchased supplies on account. 2. Billed a customer for services rendered. 3. Paid monthly rent. 4. Received cash for services rendered. 5. Purchased an equipment by paying a down payment and agreeing the pay the remaining balance due a month later Transaction Accounts Increase/Decrease 1 I 2. 3 3 4 1 5