Preston Corporation issues a $3,000 note to Fulton Corporation on March 1,which carries interest at an annual rate of 5%.Interest is payable when the note matures on June 30.What entry will Fulton make at its year-end,April 30,if interest on the note has not previously been accrued? 
Definitions:
Income Statement
A financial statement that shows a company's revenues and expenses over a specified period, ending with net income or loss.
Administrative Expense
Expenses related to the general operation of a business, such as office salaries and utilities, not directly tied to production.
Selling Expense
Costs incurred directly from selling goods or services, including advertising, sales commissions, and store maintenance.
Cost of Goods Sold
Cost of Goods Sold (COGS) measures the direct costs associated with producing goods that a company sells during a period, including materials and labor.
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