Schroeder Co

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.