Using the Form Below, Record Each of the Following Transactions

Essay

Using the form below, record each of the following transactions for Mayer Corporation during the year ending December 31, Year 1. (Note: There is no need to provide appropriate account titles for the Retained Earnings amounts in the last column of the table.)November 1: Received cash from clients for services to be performed over the next six months, $12,000November 1: Paid $1,200 for a 12-month insurance policyDecember 31: Recorded expiration of two months of the insuranceDecember 31: Earned $4,000 of the amount received from clients in November