My instructor told us to read chapter sixteen: "the rise of the royal state."

On January 1, 2016, Prepaid Insurance of Maywood, Inc. had a beginning balance of $1,400. Three months of insurance premiums remain in the beginning balance

On February 1, 2016, the company paid an annual insurance premium in the amount of $3,700 for the period beginning April 1. On February 28, 2016, the balance in Prepaid Insurance is $934. The deferred expense was initially recorded as an asset. Indicate whether the statement is true or false

Permanent accounts are not closed at the end of the accounting period

Indicate whether the statement is true or false