Green Wave Company plans to own and operate a storage rental facility.

Required:

$2$

points

For the first month of operations, the company had the following transactions. For each transaction, describe the dual effect on the accounting equation. For example, in the first transaction, $(1)$ assets increase and $(2)$ stockholders' equity increases.

$\backslash$table$[[1$ Transactions,Dual Effect$],[1.$ Issue $10,000$ shares of common stock in exchange for $$32,000$ in cash.,Assets increase and stockholders' equity increases.$],[2.$ Purchase land for $$19,000.$ A note payable is signed for the full amount.,Assets increase and stockholders' equity increases$],[3.$ Purchase storage container equipment for $$8,000$ cash.,Assets increase and liabilities increase.$],[4.$ Hire three employees for $$2,000$ per month.,$],[5.$ Receive cash of $$12,000$ in rental fees for the current month.,$],[\backslash$table$[[6.$ Purchase office supplies for $$2,000$ on account.$],[7.$ Pay employees $$6,000$ for the first month's salaries$]],$Assets decrease and stockholders' equity decreases.$],[7.$ Pay employees $$6,000$ for the first month's salaries.,$\backslash$table$[[$Assets increase and liabilities increase.$],[$Assets increase and stockholders' equity increases.$],[$No effect$]]]]$