Extra Practice - Chapter 1 Mike Hayes decides to open his own doggle day care business in North Tampa and form a corporation. The following transactions take place during the month of January: January 1: Mike invests $100,000 to open Fuzzy Buddies, a corporation. Fuzzy Buddles issues common stock to Mike Hayes. January 2: Hires a part-time, administrative assistant, for $250 a week salary. January 2: Pays cash to purchase land ($10,000) and a building ($40,000) for the daycare. January 4: Purchases computers from Staples for $1500. Pays $100 now, and agrees to pay $1,400 by February 14 January 6: Purchased printing and office supplies from Office Depot, on credit, $150. January 9: Pays his office assistant for one week of work, $250. January 15: Paid for office supplies purchased on 1/6. Cash down $150 Liability - Accounts Payb$150 January 21: Opened Fuzzy Buddles, had SO dogs stay at day care each day this week, and received cash from clients for services performed, $5,000. January 31: Fuzzy Buddies paid $500 In dividends. Now that the transactions have been analyzed, determine the effects on the accounting equation