Analyze each of the following transactions and show the effect on the accounting equation.
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 equipment for $8,000 cash.
4. Hire three employees for $2,000 per month. Salaries are not paid until the end of the 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.