Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company had the following transactions.

1. Issue 10,000 shares of common stock in exchange for $32,000 in cash.

2. Purchase land for $19,000. A note payable is signed for the full amount.

3. Purchase storage container equipment for $8,000 cash.

4. Hire three employees for $2,000 per month.

5. Receive cash of $12,000 in rental fees for the current month.

6. Purchase office supplies for $2,000 on account.

7. Pay employees $6,000 for the first month’s salaries.

Required:

For each transaction, describe the dual effect on the accounting equation. For example, in the first transaction,

(1) Assets increase

(2) Stockholders’ equity increases.