This information relates to McCall Real Estate Agency.Oct. 1Stockholders invest $31,120 in exchange for common stock of the corporation.2Hires an administrative assistant at an annual salary of $36,600.3Buys office furniture for $3,760, on account.6Sells a house and lot for E. C. Roads; commissions due from Roads, $12,780 (not paid by Roads at this time).10Receives cash of $210 as commission for acting as rental agent renting an apartment.27Pays $670 on account for the office furniture purchased on October 3.30Pays the administrative assistant $3,050 in salary for October.Prepare the debit–credit analysis for each transaction. (If there is no transaction, then enter No Effect for the account and 0 for the amount.)Oct. 1Debits Decrease AssetsIncrease Stockholders’ EquityDecrease LiabilitiesDecrease ExpensesNo EffectIncrease LiabilitiesIncrease RevenuesIncrease AssetsDecrease Stockholders’ EquityIncrease ExpensesDecrease RevenuesDebit Service RevenueAccounts ReceivableSalaries and Wages ExpenseEquipmentNo EffectCashAccounts PayableCommon Stock $Credits Decrease RevenuesDecrease ExpensesNo EffectIncrease LiabilitiesDecrease AssetsIncrease AssetsDecrease LiabilitiesIncrease ExpensesIncrease RevenuesIncrease Stockholders’ EquityDecrease Stockholders’ EquityCredit Salaries and Wages ExpenseNo EffectCashService RevenueAccounts ReceivableCommon StockEquipmentAccounts Payable $Oct. 2Debits Increase ExpensesDecrease RevenuesNo EffectIncrease LiabilitiesDecrease LiabilitiesIncrease RevenuesDecrease Stockholders’ EquityDecrease ExpensesIncrease AssetsIncrease Stockholders’ EquityDecrease AssetsDebit Common StockNo EffectEquipmentAccounts PayableCashAccounts ReceivableService RevenueSalaries and Wages Expense $Credits Decrease Stockholders’ EquityIncrease RevenuesDecrease AssetsIncrease ExpensesDecrease RevenuesDecrease ExpensesIncrease Stockholders’ EquityNo EffectIncrease LiabilitiesDecrease LiabilitiesIncrease AssetsCredit Service RevenueAccounts PayableAccounts ReceivableSalaries and Wages ExpenseNo EffectCommon StockCashEquipment $Oct. 3Debits Decrease Stockholders’ EquityIncrease Stockholders’ EquityNo EffectIncrease AssetsDecrease AssetsIncrease LiabilitiesIncrease ExpensesDecrease RevenuesDecrease ExpensesDecrease LiabilitiesIncrease RevenuesDebit Salaries and Wages ExpenseService RevenueAccounts PayableNo EffectCashCommon StockEquipmentAccounts Receivable $Credits Increase LiabilitiesIncrease Stockholders’ EquityDecrease AssetsIncrease RevenuesDecrease RevenuesNo EffectDecrease ExpensesIncrease AssetsIncrease ExpensesDecrease LiabilitiesDecrease Stockholders’ EquityCredit Accounts PayableSalaries and Wages ExpenseCashAccounts ReceivableService RevenueCommon StockEquipmentNo Effect $ Oct. 6Debits No EffectDecrease Stockholders’ EquityDecrease RevenuesDecrease ExpensesIncrease ExpensesIncrease AssetsIncrease LiabilitiesDecrease LiabilitiesIncrease Stockholders’ EquityDecrease AssetsIncrease RevenuesDebit CashSalaries and Wages ExpenseNo EffectAccounts PayableAccounts ReceivableService RevenueCommon StockEquipment $Credits Decrease RevenuesDecrease ExpensesIncrease AssetsNo EffectIncrease LiabilitiesDecrease LiabilitiesDecrease Stockholders’ EquityDecrease AssetsIncrease Stockholders’ EquityIncrease RevenuesIncrease ExpensesCredit EquipmentSalaries and Wages ExpenseNo EffectCashCommon StockAccounts PayableAccounts ReceivableService Revenue $Oct. 10Debits Increase LiabilitiesDecrease AssetsDecrease Stockholders’ EquityDecrease LiabilitiesIncrease AssetsIncrease ExpensesDecrease ExpensesDecrease RevenuesIncrease Stockholders’ EquityIncrease RevenuesNo EffectDebit CashEquipmentNo EffectService RevenueCommon StockAccounts PayableAccounts ReceivableSalaries and Wages Expense $Credits Increase AssetsDecrease LiabilitiesDecrease AssetsIncrease LiabilitiesIncrease RevenuesIncrease ExpensesIncrease Stockholders’ EquityDecrease Stockholders’ EquityDecrease RevenuesDecrease ExpensesNo EffectCredit EquipmentCashNo EffectSalaries and Wages ExpenseAccounts PayableAccounts ReceivableCommon StockService Revenue $ Oct. 27Debits Decrease RevenuesDecrease AssetsIncrease LiabilitiesNo EffectDecrease LiabilitiesIncrease RevenuesDecrease ExpensesIncrease AssetsIncrease Stockholders’ EquityIncrease ExpensesDecrease Stockholders’ EquityDebit CashNo EffectCommon StockEquipmentAccounts PayableAccounts ReceivableService RevenueSalaries and Wages Expense $Credits Decrease AssetsIncrease Stockholders’ EquityDecrease Stockholders’ EquityIncrease RevenuesIncrease ExpensesDecrease RevenuesDecrease LiabilitiesIncrease AssetsDecrease ExpensesNo EffectIncrease LiabilitiesCredit Common StockService RevenueEquipmentAccounts ReceivableAccounts PayableSalaries and Wages ExpenseNo EffectCash $ Oct. 30Debits Increase ExpensesDecrease Stockholders’ EquityDecrease ExpensesNo EffectIncrease AssetsDecrease RevenuesIncrease RevenuesIncrease LiabilitiesDecrease LiabilitiesIncrease Stockholders’ EquityDecrease AssetsDebit Accounts PayableEquipmentService RevenueCommon StockAccounts ReceivableSalaries and Wages ExpenseNo EffectCash $Credits Increase ExpensesDecrease Stockholders’ EquityDecrease LiabilitiesNo EffectDecrease RevenuesIncrease Stockholders’ EquityDecrease ExpensesIncrease RevenuesIncrease LiabilitiesIncrease AssetsDecrease AssetsCredit EquipmentService RevenueNo EffectAccounts PayableAccounts ReceivableSalaries and Wages ExpenseCashCommon Stock $

Cash management, as discussed in chapter 4, is something many, many individuals struggle with on a daily basis. Do you know where your money goes? I dare you to keep a daily journal of your cash (and credit) spending over a week. How about a month? If you don’t know where your money goes then how can you accumulate the wealth to attain those goals from Week 1?I’ve heard news accounts stating that the majority of Americans are living paycheck-to-paycheck; I prefer to believe in sound studies, for example one completed by the TD Bank in 2018 stating that it’s 34% https://www.prnewswire.com/news-releases/one-third-of-consumers-live-paycheck-to-paycheck-td-survey-finds-300687134.html. Quite scary. I remember those times and my family is just one event away from that. Thus, you have to plan for these possibilities. Experts agree to have emergency savings accounts consisting of 6 – 12 months of your monthly expenses (not your monthly income). If both spouses work, then you could probably have a lower amount; if you or your family relies on one income, then the more you have liquid (e.g., readily available cash not tied up in a retirement or investment account) available. Yes, the interest rate is low, but that’s what you give up in order to have quick access to the cash. Don’t be fooled to save the money within your checking account because you may have the tendency to spend it – save it in a separate account (even with another bank; that’s what I do).So tell me, what kind of savings accounts do you have and for what purpose? (<----- answer this question here)