Kotan Company signed a three-month, 8% note on November 1, 2013 for the purchase of $60,000 of inventory. Assuming the company's accounting period ends on December 31, which one of the following statements is not correct?

A. On February 1, 2014, the company will debit Interest Expense for $800
B. On December 31, 2013, the company will credit Interest Payable for $800
C. On December 31, 2013, the company will debit Interest Expense for $800
D. On February 1, 2014, the company will debit Interest Payable for $800

Ans: A. On February 1, 2014, the company will debit Interest Expense for $800