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?
Definitions:
Net Income
The total profit of a company after all expenses, including taxes and operating costs, have been deducted from revenues.
Non-Controlling Interest
A stake in a corporation that is owned by investors who are not affiliated or connected with the parent company, representing a portion of equity ownership in a subsidiary not wholly owned by the parent.
Non-Controlling Interest
A stake in a company that is less than 50%, meaning the investor does not have a majority control.
Preference Shares
Shares which have rights to dividends that are paid out before dividends to common shareholders and may have priority over common shares in the event of liquidation.
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