Fleet Tutoring Services Borrowed $12,000 and Signed a One-Year Note $$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

Essay

Fleet Tutoring Services borrowed $12,000 and signed a one-year note payable on December 1,2012.The note bears interest at a rate of 5% per year.Fleet will repay the principal amount of $12,000 plus one year's interest of $600 on November 30 of the following year.Fleet accrues interest expense every month.What adjusting entry is needed on December 31?
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