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Fleet Tutoring Services borrowed $12,000 and signed a one-year note payable on December 1, 2010. The note bears interest at a rate of 5% per

  1. Fleet Tutoring Services borrowed $12,000 and signed a one-year note payable on December 1, 2010. 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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