Schroeder Co

question 27

Essay

Schroeder Co.had the following transactions pertaining to the fiscal year ended October 31,2011.
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June 15,2011,paid an annual casualty insurance premium of $5,400 for a policy beginning July 1,2011.
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October 1,2011,received advance payment of $6,930 from a customer for a 9-month equipment rental.
Provide the appropriate journal entries to record the preceding transactions.Adjust the accounts at year-end assuming that no entries have been made between the transaction date and year-end and assuming that:
(1)transactions were originally recorded in asset and liability accounts.
(2)transactions were originally recorded in revenue and expense accounts.

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Definitions:

Sulfide Deposits

Concentrations of precious metals like gold, silver, and copper, found within sulfide mineral concentrations beneath the Earth's surface.

Geologic Structures

The arrangements and relations of rocks, including folds, faults, and layers, shaped by geological forces.

Cross Section

A diagram or slice that shows the internal structure of something, often used in geological contexts to illustrate the arrangement of rock layers.

Calderas

Large, circular depressions formed when a volcano collapses into a void left after the eruption and evacuation of its magma chamber.